The Federal Government has announced that it has extended CEWS to August 29, 2020, for certain employers. In addition, eligibility for CEWS will be broadened to include additional partnerships and other organizations, as well as proposed amendments to certain calculations to address amalgamations and seasonal workers.
Further adjustments to CEWS may be considered as the government has indicated its intention to consult with Canadian businesses on this matter. Possible changes may include further adjustments to eligibility for the subsidy, including changes to the 30% revenue decline threshold.
CEWS is available to qualifying employers that have lost revenue during COVID-19 and generally provides an amount to employers equal to 75% of employees’ remuneration paid, up to a maximum of $847 per week per employee, starting March 15, 2020. The subsidy was previously set to expire on June 6, 2020.
More information is available on the Government of Canada website.
If you have questions regarding these measures or any pre-existing relief program, please contact a member of the EPR Maple Ridge Langley team at firstname.lastname@example.org.
Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. EPR Maple Ridge Langley, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.