Things are moving very quickly and our government is making announcements nearly every day on their action plans to keep us all safe and to support us during these unprecedented times.
One of the supports Prime Minister Justin Trudeau has announced is a payroll subsidy which we know is of high interest to many of our clients. Here’s what we know about this so far:
– It will be provided to eligible small businesses, including corporations eligible for the small business deduction, and non-profit organizations and charities.
– The wage subsidy is equivalent to 10% of remuneration paid, up to maximum of $1,375 per employee and $25,000 per employer.
– Duration of the subsidy is for a 3 month period.
– The subsidy can be implemented by reducing the income tax remittance withheld from the employee’s pay.
The government intends to introduce special legislation around the announced supports, which we hope will provide additional details on for whom, when, and how to accurately implement this subsidy. Once we know more, we will communicate with you and make necessary adjustments to our system for all clients who are eligible.
We understand that the impacts of COVID-19 are weighing heavily on your minds, including the effects to your employees and business. It is on ours too and we want you to know that we are doing our best to gather the details on how we can help you with the announced government changes and initiatives.
The Alpine Crew