X

Chartered Professional Accountants / Licensed Public Accountants

Your trusted source for all your accounting needs since 2006

AoM Blog...

Clarity: On the Wage Subsidy Programs

| Return|
Clarity: On the Wage Subsidy Programs
 
Today, Finance Minister Bill Morneau, the Minister of Small Business, Export Promotion and International Trade, Mary Ng, and the Minister of Innovation, Science and Industry, Navdeep Bains, announced the details of the proposed Canada Emergency Wage Subsidy:
 
  • The Canada Emergency Wage Subsidy would apply at a rate of 75 per cent of the first $58,700 normally earned by employees – representing a benefit of up to $847 per week. The program would be in place for a 12-week period, from March 15 to June 6, 2020.
  • Eligible employers who suffer a drop in gross revenues of at least 30 per cent in March, April or May, when compared to the same month in 2019, would be able to access the subsidy.
  • Eligible employers would include employers of all sizes and across all sectors of the economy, with the exception of public sector entities.
  • For non-profit organizations and registered charities similarly affected by a loss of revenue, the government will continue to work with the sector to ensure the definition of revenue is appropriate to their circumstances. The government is also considering additional support for non-profits and charities, particularly those involved in the front line response to COVID-19. Further details will be announced in the near term.
  • An eligible employer’s entitlement to this wage subsidy will be based entirely on the salary or wages actually paid to employees. All employers would be expected to at least make best efforts to top up salaries to 100% of the maximum wages covered.
 

Related

Providing small business with wage subsidies

Providing small business with wage subsidies

To support businesses that are facing revenue losses and to help prevent lay-offs, the government is...

Read More >
There are newly-released details to some previously-announced government programs that may be relevant and beneficial to your business.

There are newly-released details to some previously-announced government programs that may be relevant and beneficial to your business.

Firstly, the federal government announced today that it has reached an agreement in principle with t...

Read More >
Prime Minister announces expanded access to Canada Emergency Response Benefit and support for essential workers

Prime Minister announces expanded access to Canada Emergency Response Benefit and support for essential workers

The Government of Canada is taking significant and decisive action to support Canadians and business...

Read More >
Earlier today, Prime Minister Justin Trudeau announced additional measures to help small businesses through this difficult time.

Earlier today, Prime Minister Justin Trudeau announced additional measures to help small businesses through this difficult time.

The PM announced that more details on the criteria and how to apply for these provisions will be rol...

Read More >
Update from Downtown Georgetown BIA

Update from Downtown Georgetown BIA

This email is to provide you with some informational resources that may be helpful to your business ...

Read More >
Canada Emergency Business Account:

Canada Emergency Business Account:

New Eligibility Guidelines

Read More >

Post a Comment

Coronavirus (COVID-19) | Accountants on Main |

If you wish to drop off tax documents, please place them in a sealed envelope with your name and phone number and deposit the envelope through our secure mail slot. Received documents are regularly retrieved.


Alternatively, you can email your documents to tax@accountantsonmain.ca.
If you need to reach us, please call the office at 905-877-7200 and leave a message.

 

Please allow a couple of days for us to respond.
We thank you for your understanding during this time.

 

Staying safe and informed
Although Health Canada has classified the risk to Canadians as low, we’re taking extra precautions to protect our clients and staff. This includes encouraging and supporting staff to stay home if they are unwell, providing regular prevention best practice updates and following all government recommendations.

We are committed to doing our part to help slow the spread of this new virus. When possible, we encourage social distancing, as recommended by the Public Health Agency of Canada, and suggest that contacting us via phone or email is preferred during this time. 

We also ask that you do not visit our office if you are experiencing any of the following symptoms (mild or severe):

  • Fever

  • Cough

  • difficulty breathing/shortness of breath

  • have travelled to any area with an ongoing spread of COVID-19

  • live with someone who recently travelled to an area with an ongoing spread of COVID-19

  • have been in contact with someone known to have COVID-19 or experiencing symptoms similar to the Flu or COVID-19

Additional resources

As things continue to change, the amount of information can feel overwhelming. To stay safe and informed, we recommend that you:
 

Hours of Operation

Monday to Friday 9am to 5pm
Extended hours during March and April tax season

      

52 Main Street South
Georgetown, Ontario L7G 3G4
(905) 877-7200

Fax: (905) 877-7221
info@ACCOUNTANTSonMAIN.ca