Apr 7, 2020

NMMA CanadaThe NMMA Canada has reviewed and summarized the details that the federal government has released for the new Canada Emergency Wage Subsidy, which would cover 75% of the first $58,700 normally earned by employees (up to a maximum benefit of $847 per week). Below are the key details for your business: 

• Eligible employers include individuals, taxable corporations (including non-resident corporations operating in Canada), and partnerships consisting of eligible employers as well as non‑profit organizations and registered charities. However, to claim the benefit, employers will need to show at least a 30% drop in gross revenues in March, April, or May compared to the same month in 2019 — see table below:

Wage Subsidy — Eligibility Periods

 
Claiming period                                                 Reference period for eligibility

Period 1                       March 15–April             11 March 2020 over March 2019

Period 2                       April 12–May 9              April 2020 over April 2019

Period 3                       May 10–June 6             May 2020 over May 2019

• The 75% subsidy will be based entirely on the salary or wages actually paid to employees. All employers will have to attest that they’ve done all they can to cover the remaining 25% and top employees up to their full pay.

• Note that the Wage Subsidy and Canadian Emergency Response Benefit (CERB)cannot be claimed at the same time, to avoid ‘double-dipping’. Please keep this in mind when furloughing any employees.

• Employers will be able to apply for the wage subsidy through the Canada Revenue Agency (CRA) online portal in the coming weeks. The finance minister indicated that funds will start to flow in approximately 6 weeks. If you haven’t already, please set up your CRA My Business Account online today

to ensure you receive the benefit payment faster.

Please seek the full Finance Canada backgrounder here

Boating Industry Canada News Week

 

Every Tuesday we publish a fresh Digest with informative articles pertaining to the Canadian boating and marine industry. Stay up to date with the latest products, research and industry developments.

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