Are you one of the thousands of dedicated employers who are suffering the economic consequences of the current COVID-19 pandemic? As you may know, the federal government has introduced a number support programs to help us weather this economic crisis. Unfortunately, only a small percentage of employers have taken advantage of these subsidies and many are set to expire within the next month or two.
To potentially receive a 75% wage subsidy, at a minimum you must meet all three of the following basic criteria:
Had a CRA payroll account on March 15, 2020 (if you didn’t have a payroll account because you purchased an existing business after March 15, 2020, you may still qualify).
Are paying employees on or after March 15, 2020.
Have experienced a drop in revenue during a claim period.
Businesses, non-profit organizations, or charities who have seen a drop in revenue due to COVID-19 may be eligible for a subsidy to cover part of their commercial rent or property expenses.
This subsidy will provide payments directly to qualifying renters and property owners who deal with each other at arms-length.
Access to an interest-free emergency loan of $40,000 - $60,000 is available through most Canadian financial institutions (restrictions apply).
Application deadline is December 31, 2020.
If you believe you qualify for any subsidies, reach out to us at email@example.com after reviewing the information below.
Most businesses will apply using CRA's My Business Account but you may also obtain a Web Access Code from CRA.
Well, this depends on the subsidy you qualify for.
If you have had a CRA payroll account since March 15, 2020 and you have had employees at some point in time between then and now, we will require your monthly sales and revenue numbers from March 2019 until now. Why such a long period - well, your monthly year-over-year revenue decrease is how the subsidy percentage is determined. However (and here's where it gets even more complicated), just because your revenue hasn't decreased in a particular month doesn't mean you won't qualify but we'll figure that out for you! This program is effective March 15, 2020 and has been extended to June 2021. Recently however, it was announced that the deadline to apply is January 31, 2021, or 180 days after the end of the claim period, whichever comes later.
This program was implemented effective September 2020 and is slated to be in effect until June 2021. Monthly sales and revenue from September 2019 onward will be required as this subsidy is also based on year-over-year revenue decreases.
If we determine from your revenue numbers that you qualify for a subsidy we will require detailed information to calculate the exact subsidy amount. The information we request will depend on which subsidy, but details such as employee pay records, building occupancy costs or operating costs will be needed.
Yes, yes it is. Confidentiality and security of your information is of utmost concern to us. We will provide you access to a secure upload portal and provide you with a confidentiality and service agreement for your consideration, prior to sending us anything.
For over 30 years, we have been involved in other people's business. We understand and appreciate the sensitive nature and importance of your data. As well as protecting your information, we commit to not sharing it.
Your have our commitment to that.
the LBC group is a division of Lundell Business Consulting.