News

CEWS (Canada Emergency Wage Subsidy)
The federal government has extended the program to include Periods 5 to 9 with Period 9 ending November 21, 2020.  Applications for Period 5 opened Monday August 15.  The CEWS has changed significantly with the introduction of a multiple step approach that weights higher revenue reductions to be eligible for larger subsidies.  There is also a step approach for eligible companies with revenue reductions greater than 50% to have their subsidy topped up.  Finally, the government introduced The Save Harbour Rule for eligible companies having a revenue reduction in Periods 4, 5 or 6 of at least 30% to still receive up to a 75% or possibly higher subsidy.

Our program application team has studied the new program and know the many new rules, changes to old ones, and the rules that have been eliminated. Examples of rule changes include: a one-time chance to change your reference periods, elimination of the auto qualifying and the exclusion of staff unpaid for 14 days in a period rules.

The program has effectively been opened to most every eligible business with a decline in revenues. For all of the people we have guided through the program to date, we have started to gather the information to work through the application process for you. 

If you have not made a claim to date, and are unsure if you are eligible, please contact us and we will determine your eligibility. If you are eligible, we are happy to complete the application for you.

10% Wage Subsidy (TWS)
The federal government has introduced a new payroll related form, the PD27, for all companies that utilized the TWS program.  This form must be completed before your 2020 T4’s are completed to avoid a payroll review by the government.  In speaking to some payroll services providers, they are looking at completing system programming to collect the data required from the payroll system.  They however, cannot complete and file the PD27 form on your behalf. 

We will be completing the PD27 form for all our customers that we manage payroll.  For anyone else, if you are not sure how the form works, we are here to guide you through it or complete it on your behalf.

Stay Healthy
Greg Libbrecht and the team at Platinum Business Services