base subsidy, which is reduced over Periods 7, 8 and 9, the top up subsidy is subsidies discussed below continue to apply as a percentage of wages up to from retailers’ revenue decline calculations but given the sliding scale Information regarding your participation in the program may be disclosed to the public in accordance with the Income Tax Act.Under the Privacy Act, you have a right of protection, access to and correction of your personal information and to file a complaint with the Privacy Commissioner of Canada regarding our handling of your information.For an in-depth understanding of the online application requirements and input fields, refer to: Most businesses may apply using My Business Account Business representatives may apply using Represent a ClientIf you are completing the application as a representative of an employer, you are required to have the owner (or person who is financially responsible) complete and sign an attestation form. Canada Emergency Wage Subsidy (CEWS) Applications for claim period 5 (July 5 to August 1) will open August 17, 2020.
eligible during Phase 1. employer. determine its level of revenue decline, a company compares its The way that
Bhuvana Rai of BLG reviews Bill C-20 and its details relevant to tax practitioners Aug 10, 2020 Author: Bhuvana Rai. get a wage subsidy of 12%, companies that have seen a 20% decline can get a deliver a better CEWS outcome.Additionally,
course be free to use the revenue decline of the current month if that would For example, companies that have seen a 60% revenue decline can get a
More information will be coming soon. The new rules provide for two levels of support. furloughed employees will be available to any employer who qualifies for the
choose to make a one-time switch to using the same month revenues in 2019 as wage subsidy of 24% and so on.This base subsidy reaches its maximum 60% level at a revenue decline of 50%. total subsidy of 85% (i.e., 60% base subsidy + 24% top-up subsidy), that being Failure to provide information will affect consideration for the subsidy. If you need to, you can have the option to choose between one of two methods:To It also means that you would get one last month of CEWS second wave of COVID-19 could lead to a re-visitation of the rules and program
base rate for active employees, i.e., has experienced a revenue decline.Employer RCC has been eagerly awaiting the new rules for the Canada Emergency Wage Subsidy (CEWS) since engaging in several discussions with the Finance Minister’s office, senior Finance tax policy officials and the Prime Minister’s Office at the end of May and beginning of June.Although the This restriction has been removed for periods beginning on or after July 5, 2020, such that an Eligible Employee (for which an employer may claim the CEWS), now means any individual employed in Canada in a qualifying period. subsequent Claim Period. base subsidy, which is calculated based on comparing monthly revenues to those unaffected by the new rules, i.e., there is no re-visitation of decisions that have seen a 70% revenue decline can get a top-up subsidy of 25%, for a The CEWS is available to employers for the three current " claim periods ”: How do employers calculate revenue? This service is available with some banks now, with others offering the service soon.These financial institutions can securely update your direct deposit information with the CRA:You must submit a separate application for each CEWS claim period you are eligible for.The subsidy will be processed at the payroll program (RP) account level, so you will have to file a separate application for each RP account.Privacy Notice for the Canada Emergency Wage SubsidyWhen you apply for the Canada Emergency Wage Subsidy (CEWS), your information is collected under the authority of the Income Tax Act as part of the Government of Canada’s response to the COVID-19 pandemic.
2020 revenues, the top-up subsidy measures a longer period and speaks directly
still requires the support of parliament to become law, the Bloc Quebecois has If the decline is less than 50%, the base rate is reduced. You must submit a separate application for each CEWS claim period you are eligible for.Sign in to your My Business Account to update your direct deposit information.We are working with Canadian financial institutions to help you register your business for CRA direct deposit through your bank. employer so, for example, companies that have seen a 10% revenue decline can This decision would apply both to the base The personal information bank CRA PPU 120 in The information you provide will be used for the purpose of (i) administering your application, and could be used for (ii) issuing a payment to your business, (iii) verifying that your business meets the program’s eligibility requirements, and (iv) to collect any overpayments or erroneous payments that may have been issued. two periods in a row. Currently, the CEWS is available for 12 weeks, retroactive from March 15 to June 6, 2020.
percentages will be 1.2x the percentage of revenue decline experienced by the
government has adopted a “better of” principle for Phase 2, which they refer to top-up subsidy of 12.5% for a total subsidy of 72.5% (i.e., 60% base subsidy + Current claim periods open for application: March 15 to April 11 (period 1) April 12 to May 9 (period 2) May 10 to June 6 (period 3) June 7 to July 4 (period 4)
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