If you are a business owner, there are several resources available to you from the government. There’s a ton of information out there, so we’ve tried to simplify it for you with the main bullet points below:
Canada Emergency Wage Subsidy
What it is: The government will pay 75% of your wages for up to 12 weeks, retroactive to March 15, 2020.
Do you qualify? If your revenue in March 2020 is at least 30% less than your revenue in March 2019, you qualify. You must re-qualify for April and May by doing the same comparison of 2019 revenue vs. 2020 revenue for each month.
Is there a limit? Yes, the salary limit is $58,700. So that means the maximum payment will be $847 per week per employee. The government has requested that you pay the additional 25% if it is within your means.
How to apply: Apply through the Canada Revenue Agency’s My Business Account portal.
What you need to document: Keep records demonstrating your reduction in revenues and remuneration paid to employees.