The Government of Canada acted decisively during this pandemic situation to support Canadians and protect Canada’s vocational environment. The country has a COVID-19 Economic Response Plan that turned out to be highly beneficial for businesses and their employees.
The Canada Emergency Wage Subsidy (CEWS) is a part of the economic plan that enables the organizations to retain their employees on the payroll. The CEWS further encourages employers to re-hire previously laid-off workers and support businesses to rebound following a crisis.
A few months back, Canada’s Finance Minister Bill Morneau announced the extension of CEWS for an additional twelve weeks, untill August 29, 2020. This announcement has been made to support the workers a little more in this challenging time. Potential adjustment may come from the Government, but only after consultation with the chief labor and business representatives.
If you are a business owner, then do take advantage of CEWS. Implement this within your organization to substantially support your employees. Get in touch with one of our professional chartered accountants in Surrey to understand this emergency wage subsidy system.
Who can apply for CEWS?
Most Canadian employers are eligible for CEWS. The only exceptions are a few tax-exempt entities and some defined public institutions (and partnerships to which that entity is directly or indirectly related). There’s another constraint: the employers’ revenue must have declined by 15% in March, 30% in April, and 30% in May 2020 compared to their revenue generation before this pandemic situation.
CEWS eligibility extends to the following groups:
- Partnership businesses, 50% of which is owned by a non-eligible member
- Indigenous government-owned corporations (learn more)
- Canada’s Registered Amateur Athletic Association
- Registered Journalism Organizations
- Non-public schools and colleges, along with institutions that offer special services like art classes, driving courses, etc.
The CEWS program also includes a 10% Temporary Wage Subsidy program. It is available for those who are not eligible for CEWS.
How to apply?
Apparently, you can apply through the CEWS portal. However, an expert’s help is recommended to complete the process successfully. You can consult our chartered accountants for a seamless experience. Each of our professionals is well-versed with the current accounting standards and CEWS policies. We can support you with end-to-end support. Our accounting services in Surrey are acknowledged for fantastic client support. We are there whenever you need us. Feel free to connect. Give us a call or drop us a mail. You may also use the website contact form to fill your details. We will respond soon!