How to Prepare to Apply for the new Canada Emergency Wage Subsidy

 In News

Summary of the Subsidy

  • The subsidy will apply to March, April and May 2020
  • A CRA portal will be opened in order to facilitate the applications for the subsidy
    • You will have to prove a 30% decrease in revenues comparing March 2019 to March 2020 (there is flexibility for start ups, etc.. criteria are being developed)
    • You will have to prove you have paid employees
    • The government does not require you to pay the additional 25% but you would have to prove you tried to pay the additional 25%
    • The Portal will be up and running in 3-6 weeks and money will take up to 5 days for direct deposit and 10 days for cheque
    • You will have to reapply each month
    • The cap per employee per week is $847 meaning the employee would have a gross weekly payroll of $1,129
    • The subsidy is back dated to March 15, 2020