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CANADA EMERGENCY WAGE SUBSIDY – 75%
On March 27, 2020, the Canadian federal government has announced to propose to introduce a wage subsidy of 75% for qualifying businesses, for up to 3 months (12 weeks), applicable from March 15, 2020.
Following are the updates that were announced on April 1, 2020;
- Includes all sizes and sectors with the exception of public sector entities;
- Suffer a drop in gross revenues of at least 30% in March, April or May compare to same months in 2019;
- 75% of first $58,700 normally earned by the employees;
- This represent a weekly benefit of up to $847 per week;
- 3 months or 12 weeks period from March 15 to June 6, 2020;
- Funds will be available from Canada Revenue Agency (CRA) in approximately 6 weeks from April 1, 2020;
- Must apply online on CRA portal to be launched in the near future;
- Must apply each month to receive the subsidy;
- Must attest that they are doing everything to pay remaining 25%;
- Encourage to re-hire recently laid off employees;
Those organizations that do not qualify for the Canada Emergency Wage Subsidy may continue to qualify for the previously announced wage subsidy of 10 per cent of remuneration paid from March 18 to before June 20, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.
The information above is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a further review should be done by a qualified professional.
No individual or organization involved in either the preparation or distribution of this letter accepts any contractual, tortious, or any other form of liability for its contents or for any consequences arising from its use.