Helping Businesses Keep their Employees
To support businesses that are facing revenue losses and to help prevent layoffs, the government will provide eligible small employers a temporary wage subsidy for a period of three months. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration. Employers benefiting from this measure will include corporations eligible for the small business deduction, as well as non-profit organizations and charities. It applies to wages/salaries paid to employees between March 18, 2020 and June 20, 2020. Businesses need to keep records of their calculations.
Additionally, we are currently awaiting eligibility criteria for the various support measures announced by the government. We expect that some of these benefits will be applied for via CRA’s online My Account service. We recommend that you register for this online service as soon as possible; and if you are already registered, you may wish to verify your log-in information. We are not expecting the online applications to be the only method, however it may be the most streamlined for certain benefits.
Click to access My Account
If you need help with your payroll, My Account or navigating any of the other measures announced, please let us know.
We wish everyone to stay safe and healthy!
Your HS & Partners Team