CANADA EMERGENCY WAGE SUBSIDY

CANADA EMERGENCY WAGE SUBSIDY (75%)

The government is proposing a 75% wage subsidy, up to a maximum of $847 per week for each eligible employee. The subsidy would be available for qualifying businesses who have suffered a decline of 30% in monthly revenue for a period of 3 months (March 2020 through May 2020).

For businesses that don’t qualify for the 75% subsidy, there is an alternative 10% subsidy for businesses (a person – including a CCPC – or a partnership) with CRA Payroll Account (Business Number with an RP0001 extension) that existed as at March 18, 2020.

The Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA) by 10%, to a maximum of $1,375 per employee.

Published by Rob Farrow

accountant, entrepreneur, former chef, occasional artist, angel investor, business advisor, corporate tax specialist

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