Please find following a summary of the legislation, courtesy of an anonymous friend. Will post details of how to apply as soon as it is available. In the meantime, please ensure your business is able to apply by starting a ‘My Account’ and a ‘My Business Account’ with CRA. I hope you and your family…
Category: Payroll and human resources
Further information on wage subsidy
Today, April 1, 2020, the Canadian government has released further information on the 75% wage subsidy: The subsidy is concurrent with the 10% subsidy, ie. if you do not qualify for the 75% subsidy, you can still continue to take the 10% subsidy.To be eligible, you must have a reduction of 30% of your gross…
Update on 75% wage subsidy
As per article in Financial Post – https://business.financialpost.com/news/economy/canadian-press-newsalert-large-business-non-profits-charities-all-eligible-for-wage-subsidy-trudeau-says OTTAWA — A promised federal wage subsidy to cover three-quarters of salaries will go to any company — large, medium or small — charity or non-profit that can show it has seen revenues drop sharply due to COVID-19. The 75-per-cent subsidy on wages meant to cushion the…
Here's what small businesses need to know about the government's COVID-19 hardship measures
Jamie Golombek: Here’s how the program works, how to get the subsidy and more Here’s what small businesses need to know about the government’s COVID-19 hardship measures Jamie Golombek March 27, 20209:23 AM EDT Last UpdatedMarch 27, 20205:05 PM EDTFiled under Many small businesses, along with non-profits and charities, in Canada may be particularly hard-hit…
Additional Support for Canadian Businesses from the Economic Impact of COVID-19
From: Department of Finance Canada Backgrounder The Government of Canada is making additional investments to support Canadian businesses from the economic impacts of COVID-19. These new investments provide support to financial institutions and allow them to quickly provide credit and liquidity options for a range of businesses. These measures are a part of the Government of…
Moratorium on Alberta WCB premiums
The Government of Alberta has recently announced new premium relief measures for private sector employers. Invoices for 2020 premiums have been stopped for the remainder of the year. Payments already made towards 2020 premiums will be automatically refunded to employers. You do not need to call in to request reimbursement. For more information, see our employer…
Tax filing and payment deadlines
As of the writing of this post, these are the current tax filing and payment deadlines: T1 personal tax returns – to be filed by June 1, 2020 except for the self employed, who have until June 15, 2020. Taxes to be paid by September 1, 2020. T2 corporate tax returns – those due after…
Trudeau announces increased wage subsidy, GST payment deferral, interest free loans for small busines.
Details on these programs are still developing, but this is the announcement this morning. Will keep you posted as I find out more: COVID-19: Trudeau announces increased wage subsidy for businesses
Government introduces Canada Emergency Response Benefit to help workers and businesses
From: Department of Finance Canada News release March 25, 2020 – Ottawa, Ontario – Department of Finance Canada The Government of Canada is taking strong, immediate and effective action to protect Canadians and the economy from the impacts of the global COVID-19 pandemic. No Canadian should have to choose between protecting their health, putting food on the…
Temporary Wage Subsidy for Employers - New information from CRA
On this page What is the Temporary Wage Subsidy for Employers?Which employers are eligible?How much is the subsidy?How do I calculate the subsidy?How will I receive the subsidy?When can I start reducing remittances?What if subsidies exceed the remittances?Will the subsidy affect deductions from my employees?What if I don’t reduce remittances during the year?What books and…