Ottawa, ON — The Canadian Revenue Agency (CRA) announced the launch of an updated calculator to help large and small employers prepare for the next phase of the Canada Emergency Wage Subsidy (CEWS), which will open for applications on August 17.
According to the CRA, the calculator uses a step-by-step approach to get employers to enter information about their business situation to provide an estimate of the subsidy they can expect to receive, as they struggle to deal with the effect of COVID1-19.
Canada Revenue Agency says knowing the amount will help companies to make informed decisions about retaining or rehiring workers. A series of information sessions will be held in the coming weeks.
Enhancements to the program include expanding eligibility criteria, introducing a sliding revenue-decline test to determine the subsidy amount and a top-up subsidy for the most affected employers.
Employers can expect to receive their payment within three to five business days after applying if they are registered with direct deposit on their payroll account.
“The enhanced CEWS program launched today was redesigned to be more flexible and support a wider range of employers,” said Minister of National Revenue Diane Lebouthillier. “I encourage all business owners to use the calculator to determine how this program can benefit them.”
To date, the CEWS has provided $26.58 billion in subsidies to more than 275,000 employers.