Canada Revenue Agency: As a Canadian employer whose business has been affected by COVID-19, you may be eligible for a subsidy of up to 75% of employee wages, retroactive from March 15, 2020, to June 2021.
Canada Emergency Wage Subsidy (CEWS) will enable a Canadian employer to re-hire workers previously laid off as a result of COVID-19, help prevent further job losses, and better position business to resume normal operations following the crisis.
Eligible employer must have meet the following criteria:
1. The employer have had a CRA payroll account on March 15, 2020. To get subsidy faster, it is suggested to add company bank direct deposit information for payroll account via “My Business Account” in CRA website before CEWS application.
2. The employer’s qualifying revenue from activities carried on in Canada has declined by the specified amount as compared to their revenue before the COVID-19 crisis, as determined under the CEWS program rules.
3.The employer has and will maintain records for CRA review that demonstrate the revenue reduction, employee remuneration and any other information required to verify the amount of the CEWS claim. The employer will maintain records for the amount of wages paid to employees from the subsidy, and report these amounts on its employees’ T4 slips and its T4 summary.
It is very important to know serious penalties and consequences will apply for intentional or grossly negligent false statements and other misconduct for CEWS application.