In response to the recent development of the COVID-19 pandemic, on March 18th, 2020 the Federal Government of Canada announced the release of an aid package in order to provide financial support during this difficult time. The announcement introduced an array of economic measures targeting individual taxpayers as well as small businesses.
Below are two notable measures that Canadian businesses may want to take advantage of.
Eligible small businesses will receive a temporary wage subsidy to help them keep their employees on payroll. The subsidy will be equal to 10% of the remuneration paid during a 3-month period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.
Businesses that qualify include corporations eligible for the small business deduction, as well as non-profit organizations and charities. We suggest that you consult your accountant or lawyer to advise on eligibility.
To alleviate some of the economic impacts of COVID-19, we want to help small businesses take advantage of the available resources. If you are a current Humi Payroll customer and qualify for the subsidy, please email your Client Experience Manager or firstname.lastname@example.org.
The Canadian Revenue Agency is allowing all businesses to defer, until after August 31, 2020, any business tax payment amounts that become owing on or after March 18th 2020 and before September 2020.
We hope that you find this resource helpful. Stay tuned to the latest developments by bookmarking Humi's dedicated COVID-19 page for all our updates and resources.
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There's widespread confusion about the Canadian wage subsidies, and as a Canadian payroll company, we've done our research to make sure we're ready to equip companies with the knowledge and confidence to benefit from this federal support. Join us on April 9th to learn everything you need to know from our payroll experts themselves.
Due to popular demand, we're hosting a part two for this webinar. We'll be covering all the uncovered topics and unanswered questions from the last webinar.
COVID-19 has completely altered the working landscape, and almost every Canadian business has undergone massive operational changes in the last seven days.