COVID-19 Update | Temporary Wage Subsidy

Ryan Dorton speaks on how to help businesses keep their employees.

It’s a tough time out there. To support businesses that are facing revenue losses and to help keep employees, the Government of Canada is proposing to provide eligible small employers with a temporary wage subsidy for a period of three months.

The subsidy will be equal to 10% of the remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.

Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration. 

Employers benefiting from this measure will include corporations eligible for the small business deduction, as well as non-profit organizations and charities.

One of our Partners, Ryan Dorton, shares his take on this information that came out to try and help our business community in a short video right here.

 

Ryan Dorton shares his take on the Subsidy recently

Helping Businesses Keep their Employees.To support businesses that are facing revenue losses and to help prevent lay-offs, the government of Canada is proposing to provide eligible small employers with a temporary wage subsidy for a period of three months. The subsidy will be equal to 10% of the remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration. Employers benefiting from this measure will include corporations eligible for the small business deduction, as well as non-profit organizations and charities.One of our Partners, Ryan Dorton, shares his take on this information that came out to try and help our business community.#YXH2gether #COVID19AB https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html

Posted by JMH & Co. on Thursday, March 19, 2020

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