What is the Canadian Emergency Wage Subsidy CEWS?
The Canada Emergency Situation Wage Aid (CEWS) program was presented in March 2020 for a preliminary duration of twelve weeks. Ever since the federal government has actually made changes to expand the reach of the program and also has actually prolonged the program to June 2021. .
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- 1 What is the Canadian Emergency Wage Subsidy CEWS?
- 1.1 What is the Objective of the CEWS?
- 1.2 What info do I require to determine my CEWS?
- 1.3 Which of your incomes are qualified for the CEWS
- 1.4 How to apply to Canada Emergency Wage Subsidy (CEWS)
- 1.5 Debt Settlement Resources & Articles
- 1.6 What Is A Consumer Proposal (updated 2021) And How Much Does It Cost?
- 1.7 Bankruptcy Oshawa
- 1.8 New – What is Surplus Income Payments
For any Canadian company that has experienced a financial decline, the pandemic debt could qualify for government assistance to cover your employees. Given the above, as a company, you have this help to re-employ your workers.
All this will help your company to be active again and return to normal operation.
What is the Objective of the CEWS?
The objective of the program is to supply a wage aid to enable qualified companies to maintain workers on the pay-roll (i.e. prevent discharges and also discontinuations) as well as to bring workers that are currently on discharge back onto the pay-roll.
The Canada Emergency Situation Wage Aid (CEWS) program was presented in March 2020 for a preliminary duration of twelve weeks. Ever since the federal government has actually made changes to expand the reach of the program and also has actually prolonged the program to June 2021.
On January 6, 2021, the CEWS price boost to 75% from December 20th to March 13, 2021 (durations 11-13) is main. This boosted 10% will certainly be included right into the Top-up aid part, readily available to candidates that have actually experienced an earnings loss of above 50%.
What info do I require to determine my CEWS?
When you have actually identified that you fulfil the qualification requirements, you can begin determining each duration’s aid. Each insurance claim duration you get will certainly have its very own estimation. To optimize your CEWS, you have to identify:
Which of your incomes are qualified for the CEWS
Your favoured accountancy approach (to be utilized for all durations) to show your influenced earnings:
Money approach- You can pick to reveal your earnings number by videotaping earnings as it is gotten and also costs as they are paid
- General strategy– Contrast the insurance claim month’s profits from 2020 over the incomes from the very same month in 2014 (2019 )
- An alternate technique– Contrast the case month’s incomes over the ordinary earnings from Jan and also Feb 2020
- Which durations will certainly you regard eligible. This will certainly be based upon the earnings paid to qualified workers.
Determining employee pay (eligible remuneration)
Eligible remuneration is normally the type of employee pay you would make payroll deductions on.
Eligible remuneration includes amounts such as:
- certain taxable benefits
- fees and commissions
Eligible remuneration does not include amounts such as:
- severance pay
- stock option benefits
- tips customers gave directly to the employee
- non-cash taxable benefits, such as the personal use of a corporate vehicle
How to apply to Canada Emergency Wage Subsidy (CEWS)
There are three ways to apply:
- Option 1
Most businesses may apply using My Business Account
- Option 2
Business representatives may apply using Represent a Client
Note: Only representatives authorized at Level 2 or 3 will be able to apply
- Option 3 If neither is an option for you, use the Web Forms application using your web access code (WAC)
Contact the government about CEWS
Before you call:
To verify your identity, you’ll need your:
- business number (BN)
- business name
- personal and business account open or an assessed return, reassessment, or other tax document
- business mailing address
CRA’s Business Enquiries line hours
Monday to Friday 9 am to 6 pm (local time)
Saturday, February 21 and February 27 10 am to 4 pm (local time)
Closed on public holidays
Debt Settlement Resources & Articles
A consumer proposal is a legal procedure that is developed for people that are not able to pay their debts completely, but who have the capability to pay a portion of the cash owing.
Filing for bankruptcy in Oshawa it was never easier than right now. Contact our LITPro Licensed Insolvency Trustee in Oshawa for a free consultation and start being debt free.
Your Surplus Income Can Determine The Length Of Your Bankruptcy. Your bankruptcy trustee takes a lot more into account than simply your paycheque.
Request a FREE personal and no obligation confidential appointment