The 10% 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 subsidy is equal to 10% of the remuneration you pay from March 18, 2020 to June 19, 2020, up to $1,375 for each eligible employee to a maximum of $25,000 total per employer.
Eligible businesses will receive a $40,000 interest free loan for immediate financial support to cover short term operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity.
The program is administered through CMHC to provide rent relief for small businesses struggling to pay their landlords due to financial hardship as a result of COVID-19 for the months of April, May and June 2020.
Work-Sharing (WS) is an adjustment program designed to help employers and employees avoid layoffs when there is a temporary reduction in the normal level of business activity that is beyond the control of the employer. The measure provides income support to employees eligible for Employment Insurance benefits who work a temporarily reduced work week while their employer recovers.
The Government of Canada has announced temporary changes to the Canada Summer Jobs Program (CSJP). Now, employers who hire summer students can apply for a subsidy of up to 100 per cent of the provincial or territorial hourly minimum wage.
Corporations are able to defer, the payment of any income tax amounts and income tax filing deadlines have been extended. This relief would apply to tax balances due, as well as instalments. No interest or penalties will accumulate on these amounts during this period.
Individuals are able to defer, the payment of any income tax amounts and income tax filing deadlines have been extended. This relief would apply to tax balances due, as well as instalments. No interest or penalties will accumulate on these amounts during this period.
The Canada Revenue Agency (CRA) recently announced that they are offering relief on the interest charged on certain COVID benefits.
Who is Eligible?
You need to check ALL of the following criteria in order to be eligible:
Your total 2020 taxable income was $75,000 or lessYou received at least one of the
Due to the continued effect of COVID-19 on jobs and businesses, the following benefits are being extended:
Canada Recovery Benefit (CRB) – extended by 12 weeks, from 26 weeks to up to 38 weeksCanada Recovery Caregiving Benefit (CRCB) – extended by 12 weeks, from 26 weeks to up to 38 weeksCanada Recovery Sickness Benefit
With tax season just around the corner, you may be concerned about the impact various government assistance programs may have on your tax return.
We have broken it down for you so that there are no surprises when completing your tax return.
These payments did not have tax deducted from them and will
If you applied for the Canada Emergency Wage Subsidy (CEWS) in April or May, you could receive additional funding from the Small and Medium Enterprise Relaunch Grant.
At KWB, our goal is to assist you in receiving as much relevant information as possible during these uncertain times and obtaining the maximum funding for your
The new rent subsidy for businesses will bring welcome relief for many of our business clients affected by COVID-19.
Canadian businesses, non-profit organizations, or charities who have seen a drop in revenue due to COVID-19 may be eligible for a subsidy to cover part of their commercial rent or property expenses. Claims can
“The Canada Recovery Sickness Benefit (CRSB) gives income support to employed and self-employed individuals who are unable to work because they are sick or need to self-isolate due to COVID-19, or have an underlying health condition that puts them at greater risk of getting COVID-19. The CRSB is administered by the Canada Revenue Agency
As of September 27, 2020, there are some temporary changes to the EI program to help you access EI benefits.
These changes will be in effect for 1 year. Go to EI benefits and leave to find the benefit type that applies to your situation. The following changes could apply to you:
The Canada Emergency Response Benefit (CERB) has ended for many participants. So what happens now?
Transitioning from CERB to Employment Insurance
Those who have not yet hit the 28-week maximum will continue receiving their CERB payment until they max out or reach October 3rd. New applicants who now realize they were eligible
Filing and payment deadlines have been extended to September 30, 2020
The Canada Revenue Agency (CRA) announced earlier this year that they would extend payment due dates for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns, as well as for instalment payments to September 1, 2020. There has since
The federal government announced on the 16th of June 2020 that they will be extending the Canada Emergency Response Benefit (CERB) eligibility period by eight weeks as the coronavirus pandemic continues to affect the job market.
The Prime Minister said that those who are still unable to return to work due to the COVID-19
It was announced today that the government will start accepting new applications under the expanded eligibility guidelines for the Canada Emergency Business Account (CEBA) starting on Friday (19 June 2020). The government has expanded program eligibility to include sole proprietors and farmers.
Businesses with total employment expenses in 2019 of $20,000 or
The Government of Canada has announced an expansion to the eligibility criteria for the Canada Emergency Business Account (CEBA) to include many owner-operated small businesses.
The changes to CEBA will allow more Canadian small businesses to access interest free loans of up to $40,000 to help cover operating costs during a period when
The Canada Emergency Commercial Rent Assistance Program (CECRA) has been announced to provide rent relief for small businesses struggling to pay their landlords due to financial hardship as a result of COVID-19 for the months of April, May and June 2020.
Who is Eligible?
Affected small business tenants who meet the following criteria:
Tips for for the entire family
Ideas for families with children
Set up video chat ‘play dates’ with school friendsDon’t forget about your own needs. Keep up meditation, yoga and exercise.Take time to prepare meals together, get creative, let the children take control!Perfect time to Marie Kondo your child’s bedroom, together
A rapid response plan for your business
Applications for CEWS (Canada Emergency Wage Subsidy) will start being received by the government as of Monday, 27 April 2020.
While businesses may qualify for benefits under CEWS, understanding the program, determining eligibility, and submitting the proper application can create a high level of stress and uncertainty
We have been working with KWB for nearly 15 years. They have helped us not only with effective and affordable tax advice, but also in navigating through decisions that affect our small business.