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Details Released of the Canada Emergency Wage Subsidy Extension to December 19, 2020 and Other Updates

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The Canadian government has announced updates and extensions to the Canada Emergency Wage Subsidy (CEWS) on July 17, 2020. The significant changes will help Canadian business continue to employ or rehire employees during this challenging time. Canada Emergency Wage Subsidy The federal government has extended the  Canada Emergency Wage Subsidy (CEWS)  until December 19, 2020.  Enhanced Eligibility  The government has made the subsidy accessible to a broader range of employers by eliminating the requirement for a minimum 30 percent revenue decline.  Effective retroactively to July 5, 2020, the CEWS will consist of two parts:  A base subsidy available to all eligible employers who are experiencing a decline in revenues, with the subsidy amount varying depending on the scale of revenue decline; and  A top-up subsidy of up to an additional 25 percent for those employers who have been most adversely affected by the COVID-19 cri...
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Is it Important to Have a Good Accountant for Your Small Business in 2020?

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 There is a saying that behind every solid business there is a good accountant. This has always been true; however, in 2020 with the onset of a global pandemic, it is even more important for small business owners to work with a great tax accountant . With the Canadian government working to create various programs to assist Canadians in this difficult time; there has been a significant amount of confusion caused by the ever-changing programs and subsidies that the government has introduced. Individuals and small business owners alike have had trouble trying to keep up with the eligibility criteria, as it continues to change, has has not adequately addressed all Canadian business structures. Particularly on the small business accounting  side of things, business owners have had trouble understanding if they are eligible for the Canada Emergency Wage Subsidy (CEWS) with some business structures. For example, it is still unclear, months after the program has been announced...
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Location: Canada
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