Who is The Eligible Employer for CEWS?
The Canada Emergency Wage Subsidy (CEWS) is a wage subsidy program, available for a period of twelve weeks from March 15, 2020, to June 6, 2020, that will provide a subsidy of 75% of the eligible remuneration paid by and eligible entity (eligible employer) to each employee – to a maximum of $847 per week.
In order to qualify for CEWS, the eligible employer must have all of the following criteria
1-Employers who have a payroll account number as before March 18, 2020Employes who have laid off or furloughed their employees and that was the situation for less than 14 days in the eligibility period, as long as they rehire them and their retroactive pay.
2-Employers who have experienced a decline in revenues, 15% -30% as follows:
Period 1, March 15 to April 11, 2020- 15%the revenue you earned in the corresponding month in 2019, or the average of the revenue you earned in January and February, 2020
Period 2, April 12 to May 9, 2020 30% April 2020 over April 2019 April 2020 over average of January and February 2020
Period 3, May 10 to June 6, 2020 30% May 2020 over May 2019 May 2020 over average of January and February 2020
Steps for Dissolution
Self-employed & Tax Obligation
If you are self-employed, you need to know your tax obligations.
First, If you have earned self-employment income from a business you operate yourself or with a partner, you have to report that income
Second, as a self-employed taxpayer, you and your partner still have until the midnight of the day of June 15, 2017, to file your income tax for 2017 and earn your returns. However, you must have paid any balance owing for 2016 by April 30, 2016.
A late-filing penalty on amounts owing may apply to your returns received after the June 15 deadline.
Your representative can file, pay, and access detailed information about your tax accounts—all online that can be done all at your fingertips.
Stylistic Accounting Practice Inc in the south west Edmonton can guide you through the process.
Feel free to call for the free consultation on 780-908-8956
You may check our website Stylistic Accounting & Tax Practice Inc.
To learn more about the CRA’s electronic services for businesses, go to http://www.cra.gc.ca/businessonline.Get offer