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  • Writer's pictureUreAccounting

Wage Subsidy UPDATED

Updated: Mar 31, 2020


This subsidy has been changed to 75% for qualifying businesses, for up to 3 months, retroactive to March 15, 2020.

More details on eligibility criteria will start with the impact of COVID-19 on sales, and will be shared soon. (There has not been a specific date given as of March 30, 2020)

10% Wage Subsidy for Small Businesses

CRA has released interim information for the Wage Subsidy made available to employers at this time.

Click here for the link to the full release.

Our summation:

Essentially, eligible employers are able to reduce their Source Deduction payments by 10%, up to $1,375 per employee and to a maximum of $25,000 total.

If you have 2 employees your maximum subsidy would be $2,750. To be eligible for the full subsidy you would need to employ at least 19 people.

Any subsidy you do take WILL be taxable to your business.

The subsidy can only be used to reduce the Tax Payable portion of your remittance, not the CPP or EI portions.

Be sure to contact us with any questions!


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