COVID-19 Wage Subsidy
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.
Details are sparse, but should become known over the coming days. We will endeavour to keep you informed.
You can see all of the latest benefits and relief measures on CRA's new Economic Response Plan website.
All the best, and keep healthy,
Colin, Tyler, Humberto, and Sharon