Here is some important information we wanted to share from our accountant Parm.
Update on some of the programs that the government has announced or changed.
For CEWS (Wage subsidy) – attached is the spreadsheet you will need to apply. Period 5 is open for applications (July 5 – Aug 1)
Please note you will now need to calculate the percentage drop in revenue for each period and include on the spreadsheet to determine the amount of the wage subsidy.
Please keep this calculation as support once you have applied in case of future reveiw.
The CRA websites which had been down for a bit are up and running with some new security measures.
Additionally the government has announced some updates to EI to include those currently collecting CERB and/or still unable to return to work.
These are still in the proposal phase.
The government also proposes to extend the CERB by an additional four weeks to a maximum of 28 weeks
Please read the links below for the details. Included is a link to the CPA site and to the CBC site for easy to read articles, along with the government site detailing all programs.
Excerpt from the proposal:
The proposed changes to the EI program will make it available to more Canadians by relaxing many qualification requirements. Those receiving EI will be eligible for a taxable benefit rate of at least $400 per week, or $240 per week for extended parental benefits, and regular benefits will be accessible for a minimum duration of 26 weeks. The EI insurance premium rates for both employees and employers will also be frozen for two years.
The three new income support benefits include:
The Canada Recovery Benefit (CRB) will provide $400 per week for up to 26 weeks, to workers who are self-employed or are not eligible for EI and who still require income support and who are available and looking for work.
The Canada Recovery Sickness Benefit (CRSB) will provide $500 per week for up to two weeks, for workers who are sick or must self-isolate for reasons related to COVID-19.
The Canada Recovery Caregiving Benefit (CRCB) will provide $500 per week for up to 26 weeks per household, for eligible Canadians unable to work because they must care for a family member or dependents under various scenarios.
https://www.cpacanada.ca/en/members-area/profession-news/2020/march/cra-covid19-updates
https://www.cbc.ca/news/the-latest-on-the-coronavirus-outbreak-for-august-20-1.5694135
https://www.canada.ca/en/department-finance/economic-response-plan.html
