UNLEASH AND SEIZE CRITICAL FINANCIAL RELIEF: NAVIGATING THE NEW CANADA EMERGENCY WAGE SUBSIDY (CEWS) AND ESSENTIAL GOVERNMENT SUPPORT PROGRAMS IN CANADA
Discover how to unleash and seize critical financial relief with Canada Emergency Wage Subsidy (CEWS) and essential government support programs in Canada.
As a business owner or financial advisor in Canada, you’re likely no stranger to the challenges of navigating government support programs. With the Canada Emergency Wage Subsidy (CEWS) and other essential programs, the Canadian government has introduced measures to help businesses weather the economic storm. But are you maximizing your benefits?
In this comprehensive guide, we’ll explore the ins and outs of CEWS and other government support programs, providing practical solutions to common pain points and offering expert advice from a Canada tax expert or financial advisor in Ontario.
THE IMPORTANCE OF NAVIGATING THESE PROGRAMS FOR FINANCIAL RELIEF
Navigating the Canada Emergency Wage Subsidy (CEWS) and essential government support programs is crucial for businesses and individuals seeking financial relief during these challenging times. Here are some key reasons why:
1. Maximizing Financial Support
Navigating these programs allows businesses to maximize their financial support, ensuring they receive the benefits they’re eligible for. By understanding the eligibility criteria, application process, and required documentation, businesses can optimize their benefits and reduce their financial burden. This financial support can be a lifeline for businesses struggling to stay afloat, enabling them to retain employees, cover operational costs, and ultimately survive the economic downturn.
2. Reducing Financial Stress
The COVID-19 pandemic has caused significant financial stress for many businesses and individuals. By navigating these programs, businesses can reduce their financial stress and uncertainty, gaining clarity on the support available to them. This can help alleviate some of the pressure, allowing businesses to focus on their operations, strategy, and future growth.
3. Ensuring Compliance
Navigating these programs also ensures compliance with government regulations and requirements. By understanding the rules and guidelines, businesses can avoid potential penalties, fines, or repayment of benefits. This can help mitigate risks and ensure businesses remain in good standing with the government.
4. Supporting Business Continuity
The financial support provided by these programs can be critical for business continuity. By navigating these programs, businesses can ensure they have the necessary funds to maintain operations, retain employees, and invest in their future. This can help businesses weather the economic storm and emerge stronger when the pandemic subsides.
5. Accessing Additional Resources
Navigating these programs can also provide access to additional resources, such as government websites, professional advice, and support services. These resources can offer valuable guidance, helping businesses navigate the complex landscape of government support programs and make informed decisions about their financial future.
6. Staying Ahead of the Curve
By navigating these programs, businesses can stay ahead of the curve, adapting to changing government policies and regulations. This can help businesses remain competitive, innovative, and resilient in the face of uncertainty.
7. Reducing Uncertainty
Navigating these programs can reduce uncertainty, providing businesses with clarity on the support available to them. By understanding the eligibility criteria, application process, and benefits, businesses can better plan for their financial future, making informed decisions about investments, hiring, and growth.
8. Improving Cash Flow
The financial support provided by these programs can significantly improve cash flow, enabling businesses to manage their finances more effectively. By navigating these programs, businesses can ensure they have the necessary funds to meet their financial obligations, invest in their operations, and drive growth.
9. Supporting Employee Retention
The CEWS program, in particular, can help businesses retain their employees, reducing the risk of layoffs and terminations. By navigating this program, businesses can ensure they’re eligible for the subsidy, providing them with the necessary funds to maintain their workforce.
10. Enhancing Business Resilience
Ultimately, navigating these programs can enhance business resilience, enabling businesses to weather the economic storm and emerge stronger. By accessing financial support, reducing uncertainty, and improving cash flow, businesses can build a stronger foundation for future growth and success.
By understanding the importance of navigating these programs, businesses and individuals can take proactive steps to access financial relief, reduce uncertainty, and drive growth. Whether you’re a small business owner or a financial advisor, navigating these programs is crucial for achieving financial stability and success.
UNDERSTANDING THE CANADA EMERGENCY WAGE SUBSIDY (CEWS)
The CEWS is a government program designed to help businesses impacted by the COVID-19 pandemic. The program provides a subsidy of up to 75% of employee wages, helping businesses to retain their employees and get back on their feet.
ELIGIBILITY CRITERIA FOR CANADA EMERGENCY WAGE SUBSIDY (CEWS)
To qualify for the Canada Emergency Wage Subsidy (CEWS), your business must meet specific eligibility criteria. Here’s a detailed breakdown of the requirements:
1. Revenue Decline
Your business must have experienced a significant decline in revenue due to the COVID-19 pandemic. The revenue decline is calculated based on the same month in the previous year or the previous month. You’ll need to compare your revenue for the current month to the same month in the previous year or the previous month. If your revenue has declined by 30% or more, you may be eligible for the subsidy.
2. Eligible Entities
CEWS is available to various types of entities, including:
– Individuals: Sole proprietors, self-employed individuals, and other individuals who earn employment income through a proprietorship or earn income through a partnership.
– Corporations: Private and public corporations, including non-profit organizations and registered charities.
– Non-profit Organizations: Non-profit organizations, including registered charities and other non-profit entities.
– Registered Charities: Registered charities, including those that are incorporated or unincorporated.
3. Eligible Employees
CEWS applies to employees who are remunerated for work performed in Canada. This includes:
– Active Employees: Employees who are actively working for your business.
– Employees on Leave: Employees who are on leave with pay, including those on maternity leave, parental leave, or other types of leave.
– Employees Who Have Been Furloughed: Employees who have been furloughed or laid off but are still receiving pay.
4. Arm’s Length and Non-Arm’s Length Employees
CEWS distinguishes between arm’s length and non-arm’s length employees. Arm’s length employees are those who are not related to the employer, while non-arm’s length employees are those who are related to the employer, such as family members or shareholders.
5. Prior Period Remuneration
You’ll need to calculate prior period remuneration for your employees, which includes:
– Base Remuneration: Salary, wages, and other remuneration paid to employees.
– Benefits: Benefits paid to employees, including health and dental benefits.
6. Calculating the Subsidy
The CEWS subsidy is calculated based on the eligible remuneration paid to employees. The subsidy rate varies depending on the revenue decline, with a maximum subsidy rate of 75% of eligible remuneration.
7. Application and Attestation
To receive CEWS, you’ll need to apply through the Canada Revenue Agency (CRA) website and provide required information, including:
– Business Information: Business name, address, and contact information.
– Employee Information: Employee names, SINs, and remuneration details.
– Revenue Decline: Calculation of revenue decline and supporting documentation.
8. Record-Keeping and Documentation
You’ll need to maintain accurate records and documentation to support your CEWS application, including:
– Financial Records: Financial statements, balance sheets, and income statements.
– Payroll Records: Payroll records, including employee names, SINs, and remuneration details.
– Revenue Decline Documentation: Documentation supporting revenue decline, such as financial statements and revenue reports.
CALCULATING REVENUE DECLINE AND DETERMINING ELIGIBILITY
Calculating revenue decline and determining eligibility are crucial steps in accessing the Canada Emergency Wage Subsidy (CEWS). Here’s a detailed guide on how to calculate revenue decline and determine eligibility:
Calculating Revenue Decline
To calculate revenue decline, you’ll need to compare your revenue for the current month to the same month in the previous year or the previous month. The revenue decline is calculated as follows:
1. Determine Your Revenue: Calculate your revenue for the current month and the same month in the previous year or the previous month. Revenue includes all income earned from sales, services, and other business activities.
2. Calculate the Decline: Calculate the decline in revenue by subtracting the current month’s revenue from the same month’s revenue in the previous year or the previous month.
3. Calculate the Percentage Decline: Calculate the percentage decline by dividing the decline in revenue by the revenue for the same month in the previous year or the previous month, and then multiplying by 100.
Determining Eligibility
To determine eligibility for CEWS, you’ll need to assess whether your revenue decline meets the required threshold. The eligibility criteria are as follows:
1. 30% Revenue Decline: If your revenue decline is 30% or more, you’re eligible for the CEWS subsidy.
2. Comparison Periods: You can choose to compare your revenue to either the same month in the previous year or the previous month.
3. Prior Reference Period: If you’re a business that was not in operation for the entire previous year, you may use an alternative method to calculate your revenue decline.
Calculating Revenue Decline for Specific Circumstances
There are specific rules for calculating revenue decline in certain circumstances, including:
1. Affiliated Entities: If your business is affiliated with other entities, you’ll need to calculate revenue decline on a consolidated basis.
2. Partnerships: If your business is a partnership, you’ll need to calculate revenue decline at the partnership level.
3. Non-Arm’s Length Transactions: If your business has non-arm’s length transactions with other entities, you’ll need to calculate revenue decline based on arm’s length terms.
Documentation and Record-Keeping
It’s essential to maintain accurate records and documentation to support your revenue decline calculation and eligibility determination. This includes:
1. Financial Statements: Financial statements, including balance sheets and income statements.
2. Revenue Reports: Revenue reports, including sales data and other revenue-related information.
3. Supporting Documentation: Supporting documentation, such as invoices, receipts, and contracts.
By understanding how to calculate revenue decline and determine eligibility, you can assess whether your business qualifies for the CEWS subsidy and take the necessary steps to apply.
APPLICATION PROCESS FOR CANADA EMERGENCY WAGE SUBSIDY (CEWS)
The application process for CEWS involves several steps that eligible employers must follow to receive the subsidy. Here’s a detailed breakdown of the application process:
Step 1: Determine Eligibility
Before applying, ensure your business meets the eligibility criteria for CEWS. This includes experiencing a significant decline in revenue due to the COVID-19 pandemic and having eligible employees. To determine eligibility, you’ll need to calculate your revenue decline and ensure you meet the required threshold.
Step 2: Gather Required Information
To apply for CEWS, you’ll need to gather the following information:
– Business Information: Your business name, address, and contact information. This includes your business number, address, and contact details.
– Employee Information: Employee names, Social Insurance Numbers (SINs), and remuneration details. You’ll need to provide detailed information about each employee, including their name, SIN, and remuneration.
– Revenue Decline: Calculation of revenue decline and supporting documentation. You’ll need to provide documentation to support your revenue decline calculation, such as financial statements and revenue reports.
– Payroll Details: Payroll reports and details of employee remuneration. You’ll need to provide detailed information about your payroll, including payroll reports and employee remuneration details.
Step 3: Calculate Subsidy Amount
To calculate your subsidy amount, you’ll need to determine your eligible remuneration and calculate the subsidy rate. The subsidy rate varies depending on the revenue decline, with a maximum subsidy rate of 75% of eligible remuneration. You’ll need to use a spreadsheet or calculator to determine your subsidy amount.
Step 4: Apply for CEWS
You can apply for CEWS through the Canada Revenue Agency (CRA) online portal. To apply, you’ll need to:
– Log in to your CRA online account
– Select the CEWS application form
– Enter your business information and employee details
– Calculate your subsidy amount
– Submit your application
Step 5: Submit Application
Once you’ve completed the application, submit it through the CRA online portal. Ensure you have all required information and documentation ready. You’ll receive a confirmation message once your application is submitted.
Step 6: Verification and Approval
The CRA will verify your application to ensure you meet the eligibility criteria and have provided accurate information. The verification process may involve automated checks or manual review. If your application is approved, you’ll receive payment for the subsidy amount.
Step 7: Receive Payment
Once your application is approved, you’ll receive payment for the subsidy amount. Payments are typically made through direct deposit or cheque. Ensure you have provided accurate banking information to receive payment promptly.
Important Considerations
When applying for CEWS, keep the following considerations in mind:
– Ensure you meet the eligibility criteria and have accurate documentation to support your application.
– Calculate your subsidy amount correctly to avoid errors or discrepancies.
– Submit your application promptly to receive payment in a timely manner.
– Keep accurate records and documentation to support your application and subsidy claim.
By following these steps and ensuring you have all required information and documentation, you can successfully apply for the Canada Emergency Wage Subsidy.
BENEFITS OF CANADA EMERGENCY WAGE SUBSIDY (CEWS)
The Canada Emergency Wage Subsidy (CEWS) provides several benefits to eligible employers, including:
– Financial Support: CEWS offers a wage subsidy of up to 75% of eligible remuneration paid to employees, with a maximum benefit of $847 per week. This subsidy helps employers cover employee wages, ensuring they can retain staff and quickly resume normal operations after the crisis. The financial support provided by CEWS can be a lifeline for businesses struggling to stay afloat, enabling them to maintain their workforce and reduce the risk of layoffs and terminations.
– Prevention of Job Losses: By providing financial support, CEWS aims to prevent further job losses and encourage employers to rehire workers previously laid off due to COVID-19. This can help reduce the economic impact of the pandemic and support the recovery of businesses and industries.
– Support for New Employees: Employers are also eligible for a subsidy of up to 75% of salaries and wages paid to new employees. This can help businesses that are hiring new staff or expanding their operations.
– Refund for Certain Payroll Contributions: Eligible employers can receive a 100% refund for employer-paid contributions to Employment Insurance, the Canada Pension Plan, the Quebec Pension Plan, and the Quebec Parental Insurance Plan. This can help reduce the financial burden on employers and support their cash flow.
SUBSIDY AMOUNTS
The subsidy amount for CEWS varies based on the revenue decline and the claim period:
– Base Subsidy: The maximum base subsidy is available to employers with a revenue decline of at least 50% in each claim period. The subsidy rate decreases over time, with the maximum subsidy rate being 75% of eligible remuneration. The base subsidy is calculated based on the eligible remuneration paid to employees, and the subsidy rate is determined by the revenue decline.
– Top-up Subsidy: Employers with an average revenue decline of more than 50% in the previous 3-month period can receive an additional subsidy of up to 25% over the base subsidy amount. This top-up subsidy provides additional support to employers who have experienced significant revenue declines.
– Safe Harbour Provision: Employers that would have qualified for the 75% maximum subsidy amount in previous periods under the original 30% revenue decline criteria can still receive that amount. This provision helps ensure that employers who were previously eligible for the maximum subsidy rate can continue to receive support.
CALCULATING SUBSIDY AMOUNTS
To calculate the subsidy amount, employers need to determine their eligible remuneration and calculate the subsidy rate based on their revenue decline. The subsidy amount is the greater of:
– 75% of eligible remuneration, up to a maximum benefit of $847 per week. This ensures that employers receive a significant portion of the eligible remuneration paid to employees.
-The amount of remuneration paid, up to a maximum benefit of $847 per week or 75% of the employee’s pre-crisis weekly remuneration, whichever is less. This ensures that employers receive a subsidy amount that is fair and reasonable based on the remuneration paid to employees.
OTHER ESSENTIAL GOVERNMENT SUPPORT PROGRAMS
In addition to the Canada Emergency Wage Subsidy (CEWS), the Canadian government has introduced several other essential support programs to help businesses and individuals navigate the economic challenges posed by the COVID-19 pandemic. Some of these programs include:
Canada Emergency Rent Subsidy (CERS)
The Canada Emergency Rent Subsidy (CERS) provides financial support to businesses and non-profit organizations that have experienced a significant decline in revenue due to the pandemic. The program offers a subsidy of up to 65% of eligible rent and mortgage interest payments. Eligible applicants can receive the subsidy for a maximum of 28 weeks, divided into four claim periods.
Canada Emergency Business Account (CEBA)
The Canada Emergency Business Account (CEBA) provides interest-free loans of up to $60,000 to small businesses and non-profit organizations. The loan is designed to help businesses cover their operating costs and stay afloat during the pandemic. If the business repays 75% of the loan by December 31, 2023, the remaining 25% will be forgiven.
Work-Sharing Program
The Work-Sharing Program is a government program that helps employers avoid layoffs by temporarily reducing the hours of work for employees. The program provides Employment Insurance benefits to employees who agree to work a reduced schedule. This program can help businesses retain their employees and quickly resume normal operations after the pandemic.
Regional Relief and Recovery Fund (RRRF)
The Regional Relief and Recovery Fund (RRRF) provides financial support to businesses and organizations in regions that have been particularly affected by the pandemic. The fund is designed to help businesses and organizations that may not be eligible for other government support programs.
Large Employer Emergency Financing Framework (LEEFF)
The Large Employer Emergency Financing Framework (LEEFF) provides financial support to large businesses that are critical to the Canadian economy. The program offers loans of up to $60 million to eligible businesses. The program is designed to support businesses that are facing significant financial challenges due to the pandemic.
Other Support Programs
In addition to these programs, the Canadian government has introduced several other support programs, including:
– Canada Recovery Benefit (CRB): A benefit for individuals who are not eligible for Employment Insurance (EI) and have lost income due to COVID-19.
– Canada Recovery Sickness Benefit (CRSB): A benefit for individuals who are unable to work due to COVID-19 or have underlying health conditions that make them more susceptible to COVID-19.
– Canada Recovery Caregiving Benefit (CRCB): A benefit for individuals who are unable to work due to COVID-19-related caregiving responsibilities.
These support programs can provide critical financial relief to businesses and individuals affected by the pandemic. By understanding the eligibility criteria and application process for each program, businesses and individuals can access the support they need to navigate the economic challenges posed by COVID-19.
NAVIGATING THE APPLICATION PROCESS
Navigating the application process for the Canada Emergency Wage Subsidy (CEWS) and other essential government support programs can be complex and time-consuming. However, with the right guidance, businesses and individuals can successfully apply for the support they need. Here are some key steps to follow:
Step 1: Determine Eligibility
Before applying for CEWS or other government support programs, it’s essential to determine whether you are eligible. This involves calculating your revenue decline and ensuring you meet the required threshold. You should also review the eligibility criteria for each program to ensure you qualify.
Step 2: Gather Required Documentation
To apply for CEWS and other government support programs, you’ll need to gather various documents, including:
– Financial statements: You’ll need to provide financial statements, including balance sheets and income statements, to support your revenue decline calculation.
– Payroll records: You’ll need to provide payroll records, including employee names, Social Insurance Numbers (SINs), and remuneration details.
– Revenue reports: You’ll need to provide revenue reports, including sales data and other revenue-related information.
Step 3: Calculate Subsidy Amount
To calculate your subsidy amount, you’ll need to determine your eligible remuneration and calculate the subsidy rate based on your revenue decline. The subsidy amount is the greater of 75% of eligible remuneration or the amount of remuneration paid, up to a maximum benefit of $847 per week.
Step 4: Apply Online
To apply for CEWS and other government support programs, you’ll need to apply online through the Canada Revenue Agency (CRA) website. You’ll need to create an account or log in to your existing account to access the application portal.
Step 5: Submit Application
Once you’ve completed the application, submit it through the CRA website. Ensure you have all required documentation and information ready to avoid delays or errors.
Step 6: Follow Up
After submitting your application, follow up with the CRA to ensure it’s being processed. You can check the status of your application through the CRA website or by contacting their customer service line.
COMMON PAIN POINTS AND PRACTICAL SOLUTIONS
Navigating the Canada Emergency Wage Subsidy (CEWS) and other essential government support programs can be challenging, and businesses may encounter several common pain points. Here are some of the most common pain points and practical solutions:
Pain Point 1: Calculating Revenue Decline
Calculating revenue decline can be complex, especially for businesses with complex revenue structures or those that have experienced significant changes in their business operations.
Practical Solution: To calculate revenue decline, businesses can use a simple formula: compare the current month’s revenue to the same month’s revenue in the previous year or the previous month. Businesses can also use the CRA’s online calculator to help with the calculation.
Pain Point 2: Gathering Required Documentation
Gathering required documentation, such as financial statements and payroll records, can be time-consuming and may require significant effort.
Practical Solution: Businesses can prepare by gathering all necessary documentation in advance, including financial statements, payroll records, and revenue reports. They can also consider seeking professional advice from an accountant or tax expert to ensure they have all the necessary documentation.
Pain Point 3: Meeting Deadlines
Meeting deadlines for applying for CEWS and other government support programs can be challenging, especially for businesses with limited resources.
Practical Solution: Businesses can prioritize their applications and ensure they submit them well before the deadlines. They can also consider seeking professional advice from an accountant or tax expert to help with the application process.
Pain Point 4: Understanding Eligibility Criteria
Understanding the eligibility criteria for CEWS and other government support programs can be complex, especially for businesses with complex structures or operations.
Practical Solution: Businesses can review the eligibility criteria carefully and seek professional advice if necessary. They can also contact the CRA or other government agencies directly to ask questions and clarify any doubts.
Pain Point 5: Calculating Subsidy Amount
Calculating the subsidy amount can be complex, especially for businesses with multiple employees or complex remuneration structures.
Practical Solution: Businesses can use the CRA’s online calculator to help calculate the subsidy amount. They can also seek professional advice from an accountant or tax expert to ensure they are calculating the subsidy amount correctly.
Pain Point 6: Dealing with CRA Audits
Dealing with CRA audits can be stressful and time-consuming, especially for businesses with limited resources.
Practical Solution: Businesses can prepare for CRA audits by keeping accurate records and documentation, including financial statements, payroll records, and revenue reports. They can also seek professional advice from an accountant or tax expert to ensure they are in compliance with all requirements.
MAXIMIZING BENEFITS AND AVOIDING PITFALLS
To maximize benefits and avoid pitfalls when applying for the Canada Emergency Wage Subsidy (CEWS) and other essential government support programs, businesses should consider the following strategies:
MAXIMIZING BENEFITS
1. Accurate Calculation of Revenue Decline: Ensure accurate calculation of revenue decline to maximize the subsidy amount. This involves comparing the current month’s revenue to the same month’s revenue in the previous year or the previous month.
2. Eligible Remuneration: Ensure that all eligible remuneration is included in the calculation of the subsidy amount. This includes salaries, wages, and other forms of remuneration paid to employees.
3. Timely Application: Apply for CEWS and other government support programs in a timely manner to ensure that benefits are received promptly.
4. Compliance with Program Requirements: Ensure compliance with all program requirements, including maintaining accurate records and documentation.
AVOIDING PITFALLS
1. Inaccurate Calculations: Avoid inaccurate calculations of revenue decline or subsidy amount, which can lead to overpayment or underpayment of benefits.
2. Failure to Meet Eligibility Criteria: Ensure that the business meets all eligibility criteria for CEWS and other government support programs to avoid rejection of the application.
3. Insufficient Documentation: Maintain accurate and complete documentation to support the application, including financial statements, payroll records, and revenue reports.
4. Non-Compliance with Program Requirements: Ensure compliance with all program requirements, including reporting and record-keeping requirements, to avoid penalties or repayment of benefits.
FREQUENTLY ASKED QUESTIONS
Q1: What is the Canada Emergency Wage Subsidy (CEWS)?
A: The Canada Emergency Wage Subsidy (CEWS) is a government program that provides financial support to businesses that have experienced a significant decline in revenue due to the COVID-19 pandemic.
Q2: Who is eligible for CEWS?
A: Businesses, non-profit organizations, and registered charities that have experienced a revenue decline of at least 30% due to the pandemic are eligible for CEWS.
Q3: How much is the CEWS subsidy?
A: The CEWS subsidy is up to 75% of eligible remuneration paid to employees, with a maximum benefit of $847 per week.
Q4: How do I apply for CEWS?
A: You can apply for CEWS through the Canada Revenue Agency (CRA) website.
Q5: What documentation do I need to provide?
A: You will need to provide financial statements, payroll records, and revenue reports to support your application.
Q6: Can I claim CEWS for employees who are on leave?
A: Yes, you can claim CEWS for employees who are on leave with pay, including those on maternity leave, parental leave, or other types of leave.
Q7: How long does it take to receive CEWS benefits?
A: The processing time for CEWS applications varies, but benefits are typically received within a few weeks of application.
Q8: Can I apply for other government support programs in addition to CEWS?
A: Yes, you may be eligible for other government support programs, such as the Canada Emergency Rent Subsidy (CERS) or the Canada Emergency Business Account (CEBA).
Q9: What if I have questions or need help with my application?
A: You can contact the CRA or seek professional advice from an accountant or tax expert for assistance with your application.
Q10: Can I retroactively claim CEWS for previous periods?
A: Yes, you can retroactively claim CEWS for previous periods, but you must meet the eligibility criteria for each period.
CONCLUSION
The Canada Emergency Wage Subsidy (CEWS) and other essential government support programs provide critical financial relief to businesses and individuals affected by the COVID-19 pandemic. By understanding the eligibility criteria, application process, and benefits of these programs, businesses can access the support they need to navigate these challenging times.
CALL TO ACTION
If you’re a business owner or individual affected by the pandemic, don’t hesitate to explore the CEWS and other government support programs available to you. Take the following steps:
1. Determine your eligibility: Review the eligibility criteria for CEWS and other government support programs to see if you qualify.
2. Gather required documentation: Collect all necessary documentation, including financial statements, payroll records, and revenue reports.
3. Apply for support: Submit your application for CEWS and other government support programs through the Canada Revenue Agency (CRA) website or other designated channels.
4. Seek professional advice: Consider seeking professional advice from an accountant or tax expert to ensure you’re meeting all eligibility criteria and maximizing your benefits.
By taking these steps, you can access the financial relief you need to keep your business afloat and support your employees during these challenging times. Don’t wait – apply today and take advantage of the support available to you.
ADDITIONAL RESOURCES
Canada Emergency Wage Subsidy: https://www.canada.ca/en/department-finance/news/2020/04/additional-details-on-the-canada-emergency-wage-subsidy0.html
Frequently Asked Questions On CEWS: https://www.canada.ca/en/revenue-agency/services/wage-rent-subsidies/cews-frequently-asked-questions.html
ABOUT AUTHOR
Shanel John is a dedicated Certified Public Accountant (CPA) at G.L.H. Accounting, specializing in Income Tax with 10 years of experience. Based in Brampton, Ontario, Canada, Shanel offers expertise in tax preparation, financial accounting, and advisory services. A certified QBO Pro Advisor, Shanel’s decade-long experience and knowledge make her a trusted figure in the accounting field.