Over the weekend the government held an emergency session and this subsidy is now a part of legislation.
Highlights of the subsidy:
- Provides a 75% wage subsidy to eligible employers for up to 12 weeks retroactive to March 15, 2020. The maximum per week is $847 per employee
- A drop in revenue of 15% for March 2020 and 30% for the following months. This can be calculated against 2019 March, April and May revenues OR you may qualify for the alternative approach and be able to use January and February 2020 revenues as benchmarks.
- Eligible employers are individuals, taxable corporations, or partnerships consisting of eligible employees, non-profit organizations and registered charities.
- Eligible employers will be able to apply through their CRA My Business Account portal
More details about the application process will be made shortly.
For full details please see this link.
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