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The Canada Emergency Wage Subsidy (CEWS) provides a 75% wage subsidy of up to $847 per eligible employee per week, to eligible employers, for up to 24 weeks, preventing further job losses and encouraging eligible employers to re-hire workers previously laid off as a result of COVID-19, retroactive to March 15, 2020. For more information, see the Canada Emergency Wage Subsidy (CEWS) .

A great article for all of us that work from home

https://www.canada.ca//emergency-wage-subsidy/cews-calcula

Other information on the CEBA program. If you are a qualifying small business customer, the CEBA program provides access to a $40,000 loan: > 0% interest until December 31,2022... > No principal payments until December 31, 2022 > Principal repayments can be voluntarily made at any time without fees or penalties. > $10,000 loan forgiveness is available, provided outstanding balance is $40,000 at December 31, 2020, and $30,000 is paid back between January 1, 2021 and December 31, 2022. > If the balance is not paid by December 31, 2022 the remaining balance will be converted to a 3-year term loan at 5% annual interest, paid monthly, effective January 1, 2023. > The full balance must be repaid by no later than December 31, 2025

Note there are restrictions on the CEBA funds. The funds from the loan shall only be used by the Borrower to pay non-deferrable operating expenses of the Borrower including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service, and may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation.

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https://covidcontinuity.com//understanding-wage-subsidy-/

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Latest today on the 75% wage subsidy... Wage Subsidy Plan 30% or more decline in gross revenues since this time last year.... 75% of wages up to $58,700 normal salary to a max of $847 per week per employee Compare revenues to the same month last year for March, April or May Reapply each month Attest that you are doing everything you can to repay the remaining 25% of your employees income Apply online through a CRA portal - launch within the next 3-6 weeks Funds available in approx 6 weeks after applying Severe consequences for anyone attempting to abuse or misuse the system Employees on payroll cannot collect EI or CERB The 10% subsidy still remains for those with up to 18 employees Questions Wages include commissions? Include SH wages on payroll? Is the subsidy taxable income? (almost certainly) If no year over year comparison - details not yet available - possibly show month over month revenues.

https://covidcontinuity.com/

Breaking News Trudeau asked everyone that is applying for the 2000.00 per month benefit to go through My CRA Account and set up direct deposit.Breaking News Trudeau asked everyone that is applying for the 2000.00 per month benefit to go through My CRA Account and set up direct deposit.

GST payments deferred until June 1.GST payments deferred until June 1.

Are you looking for the most up-to-date and accurate information during #COVID19? For your answers to your CRA-related questions, visit: http://ow.ly/wKRz50yYgQw