Updated: April 11th 2020
What is the CEWS?
75% wage subsidy
Up to a maximum $847/week per employee
For employees that have had NOT been without remuneration for over 14 consecutive days in the eligibility periods: March 15 to April 11, April 12 to May 9, May 10 to June 6
Business should make every effort to pay the other 25% of the wages
This government assistance will be included in the employer’s taxable income
How does my Business Qualify ?
Legal Structures that qualify: Sole Props, Partnerships, Corporations, Not for Profits
Prove 15% decrease in gross revenue between this March 2020 and March 2019 OR between March 2020 and the average of January or February 2020.
Prove 30% decrease in gross revenue for the months of April and May
Choose the accrual or cash method at the onset of the CEWS – cannot be changed later
This subsidy can be applied to : New Hires, Non-arm’s length employees employed prior to March 15 2020
Proposed refund the employer’s contribution to EI and CPP for employees in leave with pay and those eligible for CEWS
Cannot be combined with 10% payroll deduction subsidy
Know that this will a reimbursement model. The subsidy will flow in six weeks from today. (Refer to the Updated date above)
How to Apply?
Portal will be set up within 3-6 weeks (Refer to the Updated date above
You must re-apply on a 4-week basis based on the following periods: March 15 to April 11, April 12 to May 9, May 10 to June 6
Our recommendation at this point is that you have the Business Account with CRA in working order. Make sure that you have input the business direct deposit information to speed up the process.
Feel free to reach us if you have any questions about how to access or understand if this is a suitable option for your business.
Blossom CPA ContactPlease enable JavaScript in your browser to complete this form.
Name *
First
Last
Email *
Message *
Phone
Submit
Comentarios