On July 17, 2020, the Government of Canada announced significant changes to the Canada Emergency Wage Subsidy (“CEWS”) program. This is good news. The updated rules allow more businesses to qualify, even when revenue decline is less than 30%. Please refer to the examples where we highlight real-life scenarios and show how your business may […]
The Updated CEWS: 10 Things You Need to Know with Real-Life Examples Read More »
The Government of Canada will extend the Canada Emergency Wage Subsidy (CEWS) by an additional 12 weeks to August 29, 2020. Initially, the CEWS was only available until June 6, 2020. What does the CEWS extension mean for my business? As provinces ease restrictions, businesses that are starting to reopen at a smaller scale than
CEWS extended until the end of August – What does this mean for your business? Read More »
Two-Step Calculator to Estimate Your Wage Subsidy! Download our calculator and see how much you can get back!
Canada Emergency Wage Subsidy Calculator Read More »
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.
Canada Emergency Wage Subsidy: Detailed Commentary on New Income Tax Act Section 125.7 Read More »
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
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
Relief for Small Businesses Announced Read More »
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
Temporary wage subsidy: Pitfalls for Associated Corporations Read More »
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
Ontario’s Action Plan: Responding to COVID‑19 Read More »
The recent measures released by the government of Canada to combat the negative fallout from COVID-19 provides some relief to owner-managers of small businesses. While these measures do help, owner-managers may also position themselves in a better financial position by considering the following: Stop paying yourself a salary Owner Managers who pay themselves a recurring
Small Business Owners and COVID-19: Tax Planning to Preserve Cash Read More »
We developed a simple calculator to help small businesses calculate their Temporary Wage Subsidy. Download Link Click here to download the excel copy. Video on Wage Subsidy and how to use our Calculator Online Calculator Here’s the online version of the calculator. However, for a better experience, please download the excel using the link provided
Temporary Wage Subsidy Calculator Read More »
