The FG Forum
COVID-19 Update - Government Assistance
APRIL 28, 2020
New information and applications have recently been released by the federal and provinical governments.
COVID-19 Update - The Emergency Wage Subsidy, CERB and Emergency Business Account
APRIL 13, 2020 - UPDATED APRIL 16, 2020
On Saturday evening Parliament passed The Canada Emergency Wage Subsidy (“CEWS” i.e. the 75% wage subsidy), finalizing the detailed law as to how the subsidy exactly works. There were some small changes from the initial guidance that was released on CRA’s website that we had previously shared. The final details can be found here:
COVID-19 - Remote Audit Services
APRIL 6, 2020
In light of public health official and government measures regarding COVID-19, we have made plans internally to perform our assurance engagements remotely for the foreseeable future. With March 31 year ends quickly approaching, please review this information bulletin for your reference. Please note while the bulletin refers to “audits”, the content can be applied to “review” engagements as well.
COVID-19 - 75 Percent Wage Subsidy Update
APRIL 2, 2020
Yesterday, Bill Morneau, Finance Minister, released further details concerning the wage subsidy grant. He indicated that companies will be required to reapply for the subsidy each month and the 30 percent eligibility requirement will be determined based on year-over-year revenue from the corresponding month from 2019. He also confirmed that the 75 percent wage subsidy will be available for Canadian businesses that have experienced a 30 percent decline in revenue due to COVID-19. The revenue decline will be assessed based on gross revenue and employers will be required to attest that they are doing “everything they can” to pay the remaining 25 percent of employee wages.
COVID-19 Tax Update including Wage Subsidy and CERB
APRIL 1, 2020
Effective today, Fort Group remains open as an essential business under Section 67 of The Public Health Act. In complying with the new orders, we will be restricting in-person meetings unless necessary and abiding by the two metre guidelines for required meetings as well as drop offs. We will also be quarantining documents being dropped off so there may be delays in the preparation of your personal tax return.
Over the past week, the Federal Government has announced a number of measures aimed at aiding individuals and businesses affected by COVID-19. We are still waiting on details and legislation to be passed on a number of these measures.
COVID-19 Update: Benefits Available
MARCH 26, 2020
Yesterday the government passed legislation regarding previously announced measures, which resulted in more details becoming available.
Temporary Wage Subsidy for Employers
MARCH 25, 2020
One of the recent measures the Federal Government announced as part of their economic measures last week was a Temporary Wage Subsidy for Employers. Eligible companies, charities and non-profits are able to receive a 10% subsidy on wages for employees. The maximum that can be received is $25,000 per company over the next 3 months with a maximum of $1,375 per employee.
Key Points of Canada's Economic Response to COVID-19
MARCH 21, 2020
Navigating the changes and updates right now can be difficult. Click on the link below to see key points of the economic update announced by the Government of Canada on March 18, 2020.
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