When the Canada Emergency Response Benefit (CERB) was introduced, the program provided $500/week to a maximum of 16 weeks, running from April to early July. On Monday, Prime Minister Justin Trudeau announced an extension to the CERB program for another eight weeks. The requirement to re-apply every four weeks will remain to confirm the applicant continues to meet the current criteria.
As accounting and taxation professionals, it is essential for us to keep up to date on the latest taxation, accounting, and financial management trends and find new sources of creative inspiration while staying connected to other professionals.
We use a variety of online and offline sources to keep current on the everchanging taxation rules. These tools allow us to deliver exceptional services to all our clients, ensuring they receive the most up to date information and advice.
Canada Emergency Wage Subsidy (CEWS) Update
CEWS offers employers who qualify, a 75% subsidy of employees wages for up to 12 weeks, retroactive from March 15, 2020, to June 6, 2020.
Applications open for employers applying to CEWS on Monday, April 27, 2020. The application can be made through CRA’s My Business Account, Represent a Client, or a separate online application form (not yet available).
COVID-19 Assistance for STUDENTS
Prime Minister Justin Trudeau today announced $9 billion in assistance for young Canadians, focusing on students. The introduction of the Canada Emergency Student Benefit (CESB) will provide $1,250 a month for eligible students from May to August, which is increased to $1,750 if that student is taking care of someone else or has a disability. The initial details noted that to be eligible for CESB, you had to be:
- A current college or university student;
- An individual who is planning to start college or university in September; or
- An individual who graduated from college or university in December 2019
The Government of Canada recently announced enhancements to the support measures for business:
Canada Emergency Commercial Rent Assistance Program:
The federal government has announced relief measures that many small businesses were hoping for – rent relief. As with other relief measures announced, we did not hear a timeline on when small businesses would see a benefit from these measures. We would hope that the two weeks before rent for May is due would be sufficient time, but have seen other relief measures take longer to be implemented.
COVID-19 – Canada’s Response
We wanted to reach out and touch base on all of the support measures the Government of Canada and Government of Ontario have implemented. This information is the most current as of today. The government is constantly providing additional details and measures which we will try to keep you informed about.
We are delighted to announce the launch of our new website!
The Canadian government is announcing relief programs daily.
The latest is a 75% wage subsidy for small and medium-sized businesses called the Canada Emergency Wage Subsidy (CEWS). This appears to be enhancing the previously announced 10 percent wage subsidy, which is deductible from the payroll remittance.
They are also offering to guarantee bank loans of up to $40,000 that will be interest-free for one year.
TAX ALERT – Response to COVID-19
The government of Canada has implemented several measures to assist individuals and businesses in these unprecedented times. The official response plan can be found at https://www.canada.ca/en/department-finance/economic-response-plan.html. All information in this letter is current as of today. We will try to pass on new information as updates are available.
New Website Coming Soon!