";s:4:"text";s:4127:" The 10% temporary wage subsidy is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA). They may also use it to provide Mondaq users with information about their products and services. Banking Regulation
This only applies to the federal, provincial, or territorial income tax portion of the remittance.The subsidy is equal to 10% of the remuneration you pay from March 18 to June 19, 2020, up to $1,375 for each eligible employee. I've searched everywhere online but did not see prorations mentioned anywhere on the CRA websiteFortunately there are only two periods that require proration the weeks that include March 18 and June 20th. Employers who intend to claim the
On March 25, 2020, the COVID-19 Emergency Response Act, which included the implementation of a temporary 10 per cent wage subsidy, received Royal Assent. available to your organization.Mondaq has a "free to view" business model. As a Canadian employer whose business has been affected by COVID-19, you may be eligible for a subsidy of 75% of employee wages for up to 24 weeks, retroactive from …
On April 11, 2020, the legislation implementing the Federal Government's new Canada Emergency Wage Subsidy ("CEWS") was enacted.The CEWS is intended to support the well-being of workers, maintain employment relationships and reduce claims on the employment insurance regime. during the Eligible Period or throughout the 2020 calendar year),
On March 18, the federal government announced a wage subsidy. employer need only remit $200 of income tax to the Federal
In the absence of any specific guidelines I would opt for the following.
This program is seperate from the 75% Canada Emergency Wage Subsidy.
This only applies to the federal, provincial, or territorial income tax portion of the remittance.The subsidy is equal to 10% of the remuneration you pay from March 18 to June 19, 2020, up to $1,375 for each eligible employee.
It spans 3 months (March 18th - June 19th) , where employers are able to reduce the employee payroll deductions that are submitted as remittance to the CRA.
Employers have come up with many different ways of compensating their employees to better achieve a tax effective method of compensating employees and ensuring their loyalty.