- April 7, 2020
- Posted by: admin
- Category: Finance & accounting
April 6, 2020
FR: Thomas Tang, LPA, CPA, CGA, B.Comm.
To help you, your family and your business, with financial assistance during this COVID-19 challenge, the Federal Government has announced a number of programs for individuals/families and business, but there is no clear direction or guidance as to how to apply for these programs, as evidenced by an increasing number of inquiries from our existing clients and blogs from visitors of our web sites, and the question has always been in the last 2 weeks, “HOW DO I APPLY”
The Answer is simply to apply for your Online CRA My Personal Account first, then you will be automatically approved for your Online CRA My Business Account, then you can apply for any Benefits for Individuals or Business, even though the Canada Emergency Response Benefit does not require you to have an Online CRA My Personal Account, but it is highly recommended that you have one.
Every Canadian resident who has Social Insurance Number and has filed previous tax return can apply for an Online CRA My Personal Account.
I have compiled a Step-By-Step instruction of applying for your Online CRA My Personal Account, with screenshots, so they will facilitate your understanding of the requirements, and completion of application for below benefits and subsidies.
Simply CLICK HERE
Once applied, you can apply the following Benefits/Subsidies immediately.
The CERB supports Canadians by providing financial support to employed and self-employed Canadians who are directly affected by COVID-19.
It provides a payment of $2,000 for a 4-week period (the same as $500 a week) for up to 16 weeks.
After you apply, you should get your payment in 3 business days if you signed up for direct deposit. If you haven’t, you should get it in about 10 business days.
If you have stopped working because of COVID-19, you may apply by selecting “Regular benefits” or “Sickness benefits”, whichever best applies to your situation.
To help businesses keep and return workers to their payroll through the challenges posed by the COVID-19 pandemic, the Federal Government has proposed the new Canada Emergency Wage Subsidy. This would provide a 75 per cent wage subsidy to eligible employers for up to 12 weeks, retroactive to March 15, 2020
Temporary Wage Subsidy (TWS) for eligible employers from March 18, 2020 to June 19, 2020. The subsidy equals 10 per cent of remuneration paid during that period, and it is capped at $1,375 per employee and $25,000 per employer.
The TWS is still available for eligible employers who don’t qualify for the newly introduced 75 per cent Canada Emergency Wage Subsidy (CEWS). For eligible employers who qualify for both subsidies, any benefit from the TWS would generally reduce the amount available to be claimed under the CEWS. Given that it will take time for the CEWS to be implemented, employers eligible for the TWS will presumably want to continue making TWS claims to improve cash flow.
Who’s eligible for (CEWS) and (TWS) subsidies (3 and 4 above)?
Both subsidies require Eligible Employers, as defined below and had a Business Number and a Payroll Program account on March 18, 2020.
“Eligible employers” are limited to:
• Canadian Controlled Private Corporations (CCPCs) that meet conditions described below
• partnerships if all members are qualifying CCPCs, individuals, other qualifying partnerships or charities
• non-profit organizations
• registered charities
Keep in mind that Sole Proprietorship and Partnership are qualified as Eligible Employers.
For more information about the eligibility and benefits of each above programs, please CLICK any of the 4 links above.
If you have any questions, please feel free to email me at email@example.com (I prefer email, not phone calls, due to the increasing number of inquiries during the COVID-19 challenge). My email response will take up to 48 hours, and not my usual 60 minutes.
You may visit our web site www.tang.ca for latest update, on the COVID-19 Benefit and Subsidy Programs
For a Step-By-Step instruction of applying for your Online CRA My Personal Account, Simply CLICK HERE
CONTACT: Thomas Tang, LPA, CPA, CGA, B.Comm.