Last updated: April 27, 2020
We have established this portal to help you to navigate through the COVID-19 crisis.
New information from official sources is emerging rapidly. We are making efforts to ensure that our content is as current and as accurate as possible.
OTUS Group is operating remotely and we are available to assist you.
SURVIVAL – GETTING THROUGH THE CRISIS
When information about government assistance programs began to circulate in mid-March, we were concerned that associations and not-for-profits were being overlooked. To address this, we issued a call to action and circulated it with several prominent organizations and individuals. We are pleased that the federal government is now including associations and not-for-profits in programs they are extending to business. The details for these programs can be found in our COVID Economic Response Programs Update from OTUS Group.
We are monitoring government assistance programs carefully through various media outlets, the Department of Finance, the Canadian Federation of Independent Business and the Royal Bank of Canada and we will be updating this portal as further program details are released.
We recommend that you bring your financial records up to date as soon as possible to be prepared to apply for government relief programs and to support ongoing analysis, especially cash flow analysis to sustain your operations. Contact us for assistance.
Contact your automobile insurer and ask if you qualify for a reduction in your vehicle insurance premiums. You may no longer be driving to/from work, are likely driving fewer kilometers, and the reduced traffic on the roads lowers your risk profile. Customers who have stopped driving entirely could reduce their auto insurance premiums by up to 75 per cent, according to one major insurer.
Contact your health benefits insurer and ask if they can reduce your extended health and dental insurance premiums. With dental offices and many extended health care providers closed, insurers have seen a reduction in claims for these types of services. Premiums reductions of up to 50 per cent are being offered.
If your office is closed, arrange for Canada Post to forward all mail to your home address. Mail forwarding is currently available free to businesses who sign up online at canadapost.ca/mailforwarding.
Quarterly GST/HST payments are usually made based on ¼ of your net tax from the previous year. However if your net tax for the current year is expected to be lower than last year, you may make quarterly installment payments based on your estimate of what you owe for the current year, rather than making installments based on last year’s actual tax paid. Be careful however to pay sufficient amounts in installments, as the CRA will charge interest on any underpayment of taxes.
If you are forecasting a cash flow shortfall, be proactive in approaching your suppliers with a proposal for deferring payments. Rather than waiting until you miss a payment, approach your suppliers with a solution.
REVIVAL – GETTING BACK TO BUSINESS
As each day passes, we get closer to resuming normal business operations.
As part of the return to normal operations, you should review your strategic and business plans to assess the impact of COVID-19.
Resumption of normal business will require decision making under uncertainty which involves risk. Effective risk management will separate organizations who are able to succeed in these uncertain operating conditions from those who will struggle. We can assist you to integrate risk management into decision making across your organization. Contact us for more information.
We are pleased to offer the following information to assist you during the COVID-19 crisis.
Financial and Operational Management
COVID-19 Credible Resources
Securicy is a company focussed on information security and privacy compliance. During COVID 19, Securicy is offering a free Business Resilience Solution that includes policies and procedures relevant to IT security and data protection, cybersecurity awareness training, and a business continuity plan builder.
You may contact any of the following at OTUS Group for support.
613-727-1230, Ext 213
613-727-1230, Ext 212
613-727-1230, Ext 214
613-727-1230, Ext 211
OTUS Group is pleased to be part of a network of very capable organizations and individuals. We suggest that you contact the following for assistance in the areas noted.
Karen Bownrigg – iHR Advisory Services
(613) 686-6364, Ext 201
Chris Mansbridge – Royal Bank of Canada
|Taxation and Audit
Todd Hamilton – Hendry Warren LLP
Terrance Carter – Carters Professional Corporation
Andrée Paige – The Write Paige
|Virtual Office Support
Barbara Best – Virtual Works Inc.
1-888-722-4440 x 1