Support for Businesses information sheet – with handy links:

Support for Businesses information sheet – with handy links:

 

Hello Everyone,

Please find a Province of Ontario COVID-19 – Provincial Government – Support for Businesses information sheet – with handy links.

Of particular interest to many of you will be the wage subsidy information and how it works.

On the Canada website there’s an entire page of FAQs to help you calculate the amount of tax you can WITH HOLD from source deductions taken from employee payroll for a period of 3 months!

https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/frequently-asked-questions-wage-subsidy-small-businesses.html

It sounds like this wage subsidy will apply to ALL our members, unless you have taxable capital of more than $15-million.

You get to keep 10% of your total payroll. For example, if you have 5 employees earning monthly salaries of $4,100 for a total monthly payroll of $20,500, the subsidy would be 10% of $20,500, or $2,050.

Instead of remitting ALL of the tax deducted from employees and remitting to CRA, you KEEP 10% right now. You still have to remit the CPP and EI.

This is in effect from March 18 through to June 20.

For more updated information regarding COVID-19 – Provincial Government – Support for Businesses, please use the following link to the Ministry of Economic Development, Job Creation and Trade document which has been updated on March 23, 2020.

LINK: COVID-19 Government Announced Support – March 23