Federal wage subsidy extended until December
Finance Minister Bill Morneau said the plan was adjusted to make it easier for businesses to ramp up their growth as the economy gets back to speed. The proposed changes, which are expected to be approved by Parliament, help provide more certainty for employers.
The wage subsidy will be extended to Nov. 21 (with supports available until Dec. 19) and will be accessible to more businesses. The requirement to show a 30% decline in revenue has been tweaked to allow a gradually decreasing subsidy for businesses. This helps avoid the “cliff effect” that The Chamber voiced concern over, and which scared some employers away from the program.
Other changes include a top-up for employers in sectors facing the slowest recovery.
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Business Restart Series – Demystifying the Wage Subsidy
To help our members learn more about how they can benefit from the wage subsidy program, as well as its tax implications, Chamber CEO Bruce Williams is hosting Matthew Hohnsbehn, Liaison Officer at the Canada Revenue Agency, and Kris Wirk, Partner, at Dusanj & Wirk Chartered Professional Accountants, on Aug. 11. |
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