Business and Operations
Canada Emergency Wage Subsidy calculator launched for employees
By Canadian Pizza
By Canadian Pizza
Ottawa – The minister of national revenue has launched the Canada Emergency Wage Subsidy calculator to support employers as they prepare to apply for the subsidy.
The measure is designed to help employers keep and rehire workers amid the challenges posed by the COVID-19 pandemic.
The subsidy is designed to provide a 75 per cent wage subsidy of up to $847 per employee per week to eligible employers, for up to 12 weeks, preventing further job losses and encouraging employers to re-hire workers previously laid off as a result of COVID-19, retroactive to March 15, 2020.
The Canada Emergency Wage Subsidy calculator can be found on CRA’s Canada Emergency Wage Subsidy Web page. This page incorporates feedback received during user testing with stakeholders, including the Canadian Federation of Independent Business and the Chartered Professional Accountants of Canada. It includes detailed information and instructions about who can apply for the subsidy, how eligibility is assessed, and how the subsidy is calculated. The calculator also includes a printable statement feature that employers can use to view their claim at a glance and, as of April 27, enter required information into the CEWS application form quickly and easily.
By providing employers with additional details about their subsidy claim, the wage subsidy calculator can equip employers with important information they can use now to make more informed decisions about retaining and re-hiring workers, the Canada Revenue Agency said in a news release. A series of information sessions will be held in the coming days to provide a forum for eligible employers.
The CRA also encourages employers to sign up for My Business Account or Represent a Client, as employers will be able to apply through these portals. The CRA will open the application process on April 27, 2020. Claims will be subject to verification by the CRA. Funds for approved applications will begin to be released on May 5.