Canada Emergency Wage Subsidy Extended Till Dec 2020

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Canada Emergency Wage Subsidy Extended Till Dec
2020
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Canadas people friendly government has once
again extended their helping hand towards the
businesses and workers affected by the global
economic slowdown. Canada govt. acknowledges that
more and more businesses are opening but they
need constant support to beat the heat. In order
to keep the businesses running and rehiring of
the workers, Govt. has extended the Canada
Emergency Wage Subsidy until Dec 19th 2020. This
doesnt stop here, they have planned to make it
more accessible to support more businesses by
creating a top-up for employers who were most
affected. Those eligible businesses who had any
dip in revenue during the pandemic outbreak, can
now qualify for the wage subsidy. For the next
period of wage subsidy, Govt. has opened the
applications and launched an updated and improved
calculator that will help you prepare for the
subsidy. What are the changes in the
provision? Depending on the amount of revenue
dropped, the subsidy rate may vary If revenue
drop was below 30, you can still qualify and
acquire the subsidy to rehire and recover
revenue Employers who were the most affected for
three months, are eligible for higher amount The
employees who were not paid for 14 or more days,
can now be included in the calculation For the
calculation, you can use the current periods
revenue drop or the previous. if the revenue drop
is minimum 30, your subsidy rate will be at
least 75 Even if the revenue has not dropped for
the claim period, you can qualify if your average
revenue has dropped over 50 in the previous
three months As per the provision, the maximum
base subsidy rate is locked at 60 in claim
periods 5 and 6, however, it will decline in
claim period 7, gradually reducing to 20 in
period 9
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