Canada Emergency Wage Subsidy Calculator
Two-Step Calculator to Estimate Your Wage Subsidy! Download our calculator and see how much you can get back!
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Canada Emergency Wage Subsidy: Detailed Commentary on New Income Tax Act Section 125.7
On Saturday, April 11, 2020, parliament held a rare weekend debate to pass Bill C-14, a bill containing legislation for the proposed Canada Emergency Wage Subsidy (“CEWS”). The government chose to enact CEWS by adding section 125.7 to the Income Tax Act (“Act”). As we will see in this commentary, this was the right decision.
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75% Wage Subsidy Version 2.0: Welcoming Changes for Many Businesses
Today, the government announced key changes to the 75% Canada Emergency Wage Subsidy (CEWS). Today’s update addresses many of the concerns we previously raised. As a result, many businesses that didn’t qualify before would now qualify under what we call CEWS “Version 2.0”. Conditions to Qualify The subsidy is available to eligible employers who suffer
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Electronic Witnessing of Wills and Power of Attorney Permitted During COVID-19
With more and more people thinking about updating their wills or getting their power of attorney (POA) done during the COVID-19 pandemic, the Ontario government has relaxed rules surrounding the need to witness such documents. Under the existing rules, a will is only valid when the testator makes or acknowledges the signature in the presence
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U.S.’s Coronavirus Aid – Good News for U.S. Expats & Canadians Doing Business Down South
The U.S. recently passed the Coronavirus Relief Bill (CARES Act) to provide economic relief measures to individuals and businesses affected by the COVID-19 pandemic. We point our Canadian readers to the Recovery Rebate, the individual tax measures, and the business tax measures that is sure to help U.S. Expats living in Canada and Canadians who
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What does the 75% Canada Emergency Wage Subsidy mean for your business?
What is the CEWS? The Canada Emergency Wage Subsidy (CEWS) would apply at a rate of 75% of the first $58,700 normally earned by employees – representing a benefit of up to $847 per week per employee[1]. What period does the subsidy cover? The program would be in place for 12 weeks, from March 15
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Musical chairs and the CERB Benefit: Rearranging work to help your employees and business
In this article, we show strategies businesses can take by rearranging work schedules to allow their employees to apply for the Canada Emergency Response Benefit (“CERB”) while running a scaled-down operation. CERB Eligibility To qualify for CERB, the worker applying must meet two tests: First Test The worker applying must be: at least 15 years
Relief for Small Businesses Announced
Massive Changes to the Temporary Wage Subsidy The government proposed to increase the wage subsidy from 10% to 75% of wages. However, no announcement was made whether the $1,375 per employee limit or the $25,000 per employer limit will be increased. We suspect that these may be increased because the intent seems to be to
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Temporary wage subsidy: Pitfalls for Associated Corporations
The Temporary Wage Subsidy On March 25, 2020, the Canadian government passed Bill C-13 to enact legislative measures in response to COVID-19. Among these measures were various amendments to the Income Tax Act (the “Act”), including Section 153 of the Act. Subsection 153(1) of the Act deals with the withholding of tax and source deductions
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Ontario’s Action Plan: Responding to COVID‑19
On March 25, 2020, Rob Phillips, Ontario’s Minister of Finance, put forth the Province’s Economic and Fiscal Update, with a focus on responding to COVID-19. The details and how you can register for these benefits have not been provided yet but we will let you know as soon as these become available. Key Highlights Interest
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