Wage Subsidy Update
On March 27, 2020 the federal government announced additional economic measures to support small businesses and entrepreneurs. These measures include
- an increase in wage subsidies to 75% for qualifying businesses for up to 3 months retroactive to March 15, 2020 so that employers can keep workers on the payroll;
- allowing businesses, including self-employed individuals, to defer all GST/HST payments until June; and
- launching the new Canada Emergency Business Account. The program will provide interest-free loans to small businesses.
In addition, the government has confirmed that the new $2000-a-month Canada Emergency Response Benefit will be taxable.
More details will be released in the following days.
For a link to the announcement click here.