The Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA).
The following employers are eligible:
- Employers who are a non-profit organization, registered charity, or a Canadian-controlled private corporation (CCPC);
- have an existing business number and payroll program account with the CRA on March 18, 2020; and
- pay salary, wages, bonuses, or other remuneration to an employee.
Note: CCPCs are only eligible for the subsidy if their taxable capital employed in Canada for the preceding taxation year, calculated on an associated group basis, is less than $15 million.
Intuit’s Quickbooks provides some useful information on how to calculate this for your business.
With all the concern around COVID-19, Nevcon Accounting understands and sympathizes if you have to practice social distancing or self isolation during this time. We have decided that more online and phone meetings are appropriate for us, too. This is in line with guidelines and advice our government and medical leaders are offering about ways to minimize exposure.
We are well equipped to meet with you virtually to continue to serve your business and accounting needs. We offer many electronic ways for you to reach out to us, including:
Of course, if you still want to meet in person we can also arrange that.
Be safe, be well – and be in touch if you need us!