Many small businesses, along with non-profits and charities, in Canada may be particularly hard-hit by the financial fallout of COVID-19 and may experience a significant loss of revenue. This week, the government passed legislation to put into place a variety of measures to help individual Canadians and businesses facing hardship as a result of the COVID-19 outbreak.
Under the previously announced rules, the 10 per cent subsidy had a cap of $1,375 per employee and $25,000 per employer. With the increased subsidy level of 75 per cent, these maximums may be increased when further details are announced next week. Employers must continue to deduct all source deductions, including income taxes, CPP/QPP contributions and EI premiums from employees’ pay. The employer can only reduce remittances of federal, provincial or territorial income taxes and cannot reduce any remittances of CPP/QPP contributions or EI premiums.
Tax Templates Inc., a Toronto company that specializes in creating specialized tax spreadsheets for professional tax advisors, has created a free worksheet that can be accessed online to help Canadian businesses and their tax advisers calculate their businesses’ wage subsidy.
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