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Last updated: May 19 2020
CEWS Extended until August 29
Evelyn Jacks
The federal government extended its Canada Emergency Wage Supplement (CEWS) until August 29 last week, and that’s good news for business struggling to recover as Canada comes out of COVID lockdown. That now extends the program to 24 weeks, retroactive to March 15, 2020.
The program covers 75% of wages (less any 10% temporary wage supplement received) up to $847 per week. To be eligible, employers need to meet these guidelines:
Eligible employers include individuals and trusts, taxable corporations, non-profits, agricultural organizations, boards of trade and chambers of commerce, labor organizations, registered charities and partnerships that include eligible employers.
Revenue decline test. Eligible employers must meet a specific revenue decline test. This begins with a base line period. By qualifying under one baseline period employers automatically qualify for the following period. That baseline period is either the revenue earned in a corresponding month in 2019 or the average revenue earned in January and February of 2020.
Claim periods.
|
Eligibility Period |
Start and End Dates |
Baseline Revenue |
Eligibility |
Required |
|---|---|---|---|---|
|
1 |
March 15, 2020 to |
|
March 2020 |
15% |
|
2 |
April 12, 2020 to |
|
April 2020 |
30% |
|
3 |
May 10, 2020 to |
|
May 2020 |
30% |
|
4 |
June 7 to July 4
|
|
June 2020 |
30% |
|
5 |
July 5 to August 1 |
|
July 2020 |
30% |
|
6 |
August 2 to August 29 |
|
August 2020 |
30% |
The program makes it possible to re-hire previously laid off workers and for many businesses, whose revenues are restarting again, to resume normal operations with staff members who know their jobs.
Additional educational resources: Interested in learning more about the COVID-19 emergency relief benefits? Take the Emergency Pandemic Benefits Response Course online, which includes 9 recorded speaker sessions. You’ll earn 10 CE credits and be well-positioned to provide sound advice for tough times. This course features outstanding, detailed content on the tax and financial planning effects of an unprecedented event that will impact individuals, families and businesses alike today and in the future. The value is priceless: your clients want to know how to access support in their most difficult financial hours. Feel more confident and in-the-know about the government supports – and significant debt and audit risk – your clients might be signing up for.
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