On March 3, 2021, the Government of Canada announced that it intends to extend the current rate structures for the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Rent Subsidy (CERS) and Lockdown Support from March 14 to June 5, 2021.
The extension indicates specifically that:
The extension of these relief programs provides continued support for businesses and workers facing ongoing hardships and challenges as a result of the ongoing health crisis. In addition, furloughed employees will continue to have their benefits through the Employment Insurance (EI) program aligned with the wage subsidy rate structure from March 14, 2021, to June 5, 2021. For this reason, employers who qualify for CEWS would continue to be able to claim up to a maximum benefit of $595/week per employee to support their furloughed employees.
This pandemic has affected many applicants this past year, which has been demonstrated by declines in revenue when compared with the previous year. This being the case, the Government has announced that applicants can continue using a pre-pandemic 2019 reference month, effective for the periods from March 14, 2021, to June 5, 2021.
Further details pertaining to the Government’s announcement can be found here.
If you would like more information on this topic, please contact a member of the Empire CPA team by filling out the contact form below.
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. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.
Top Tips for Protecting Yourself From COVID-19 Related Scams March 24, 2021 Fraudsters and cybercriminals are getting increasingly sophisticated in their attempts to get a
The BC Launch Online Grant Program – What You Need To Know March 9, 2021 What is the BC Launch Online Grant Program? The BC