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Details on 75% Wage Subsidy

Prime Minister Trudeau announced on Wednesday, changes will be made to the 75% wage subsidy.   These changes include...

  • Using a 15% marker for the decrease in sales for March
  • Allowing businesses to use either cash or accrual basis to determine the drop in revenue
  • Allowing newer businesses to compare to Jan and Feb sales as the benchmarker, rather than March/ April and May of last year, which newer businesses would have no history.

He also announced that there would be further discussion regarding businesses that had experienced growth in the past year.

For more information on eligible employers, the amount of subsidy, eligible employees, how to apply and how this will interact with teh 10% wage subsidy and the work-sharing program, click here.

Earlier this week, PM Trudeau also announced that the Canadian Emergency Response Benefit (CERB), was expanded to include non-eligible dividend income.  This has now been updated on Canada.ca website and is official.  Please see the link below for more details.
https://www.canada.ca/en/services/benefits/ei/cerb-application/questions.html

Thanks to Tanya HIlts, CPB of Cloud Bookkeeping Services for sharing this information.

 

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