Federal Wage Subsidy Highlights + Benefits April 1st 2020
These last couple of weeks have been intense to say the least. We are streamlining the information that you must access – So rather than sending you hundreds of updates we have built a library of topics under Free Resources in our website.
The topics related to benefits and programs are updated and reviewed daily. You’ll find the date of the last update on the top of the article as you open it.
Here I want to highlight a few of the main take-aways from yesterday’s announcement:
1. The Canada Emergency Wage Subsidy (CEWS) (75%) has NOT been legislated yet. This means that things can change about how this is administered, or what it offers. Stay tuned…
2. If your business qualifies for the CEWS then we cannot access the 10% source deduction decrease for your business.
3. The employee who is covered under the CEWS cannot be applying for the CERB (Response Benefit for non EI contributors)
As you can see these benefits above listed are mutually exclusive. The goal here is to have as many people employed – even if there is no work for them to perform. Yes, that’s the goal. And because the government realizes that there may not be influx of revenue for businesses it is offering the
Canada Emergency Business Account (CEBA)
There has been a lot of buzz about the loans banks will be administering under the name of Canada Emergency Business Account (CEBA). Keep an eye out for communication from your bank. I have seen that RBC is already communicating with business clients.
If you have a business account manager, reach out to them and express your interest. Let’s pave the way.
All this waiting… what can I do now?
Most of the Benefits are going to be administered via CRA accounts.
It is imperative that in the next days you check that you have a working / active
My Business CRA and My Individual CRA account
Enter your direct deposit information now – don’t wait until the day of application
Sign into your account and check if your information is up-to-date:CRA My Account Sign In PageDeadlines with CRA Updates Note that even deadlines have been moving in the last few weeks..this is most up-to-date link in the CRA website.
** GST/HST Returns: Filing Due Dates are staying the same. If you are a quarterly remitter (January to March) you are still required to file by April 30th 2020. ONLY the GST/HST remittances have been deferred interest free until June 30, 2020. Our team will be reaching out shortly to obtain all the back-up necessary for your business to claim all the available ITCs for this quarter. Thank you for your help!!
As usual if you need any help sorting through any of the above, make sure you book time with us.
In related news we are embarking in new adventures!
If you’d like to chat about these topics and get some inspiration brought by @intuitiveliving Genoveva Vazquez join us in our LIVE chat over on Instagram @blossomcpa every Thursday at 8pm.