(604) 538-6565
eric@lidemark.ca
LinkedIn
Eric LidemarkEric Lidemark
  • HOME
  • ABOUT
    • ABOUT
    • TESTIMONIALS
    • SUPPLIERS
    • Privacy Statement and Website Terms of Use
  • SERVICES
    • Business Stages
      • Business Continuation
      • Business Succession
      • Executive Benefits
      • Group Benefits
    • Life Stages
      • Starting your career
      • Growing Families
      • Mature Families
      • Preparing for Retirement
      • Retirees
  • BLOG
  • RESOURCES
  • CONTACT

Details of the EXPANDED Canada Emergency Wage Subsidy

August 12, 20202020 Only, Blog, Coronavirus, Coronavirus - Practice OwnersEric Lidemark

On August 11th, the Government of Canada updated the calculator and Canada.ca with the changes to the Canada Emergency Wage Subsidy (CEWS).

If you’re a business owner who has suffered losses as a result of COVID-19 and did NOT qualify previously for CEWS, you may now qualify.

The changes expand the program to include more businesses for periods 5 to 9 (July 5 to November 21, 2020) and have been published on Canada.ca, here are some of the changes:

  • the subsidy rate varies, depending on how much your revenue dropped

  • if your revenue drop was less than 30% you can still qualify, and keep getting the subsidy as employees return to work and your revenue recovers

  • employers who were hardest hit over a period of three months get a higher amount

  • employees who were unpaid for 14 or more days can now be included in your calculation

  • use the current period’s revenue drop or the previous period’s, whichever works in your favour

    • for periods 5 and 6, if your revenue dropped at least 30%, your subsidy rate will be at least 75%

  • even if your revenue has not dropped for the claim period, you can still qualify if your average revenue over the previous three months dropped more than 50%

  • the maximum base subsidy rate is 60% in claim periods 5 and 6

  • the maximum base subsidy rate will begin to decline in claim period 7, gradually reducing to 20% in period 9

The Government of Canada has updated the CEWS calculator to reflect these changes and can be found here:

GO TO CEWS CALCULATOR

Recent Posts

  • Government of Canada to allow up to $400 for home office expenses
  • Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now
  • Applications for the new Canada Emergency Rent Subsidy starts today!
  • Applications for Canada Recovery Benefit now open!
  • New Canada Emergency Rent Subsidy | Wage Subsidy extended | CEBA additional $20,000 loan

Categories

  • – Key Person Insurance
  • 2020
  • 2020 Only
  • Accountants
  • Banking
  • Blog
  • Business Owners
  • Business Succession Planning
  • Charitable Gifting
  • CLU Comment
  • Coronavirus
  • Coronavirus – Associates
  • Coronavirus – Practice Owners
  • Coronavirus – Retired
  • Coronavirus – Retiring
  • Coronavirus – Students
  • corporate
  • Corporate Insurance
  • Critical Illness Insurance
  • Debt
  • Debt Management
  • disability
  • Disability Income Replacement
  • Employee Benefits
  • Employee Benefits Program
  • Estate Planning
  • Featured Articles
  • Financial Planning
  • Health Insurance
  • individuals
  • Investing
  • Juvenile Insurance
  • Life Insurance
  • Life Stages
  • Lifestyle
  • Lifestyle Tips
  • Living Benefits
  • Long Term Care
  • Mortgage Insurance
  • RDSP
  • Recent Blogs
  • Retirement
  • Retirement Planning
  • RRSP
  • Segregated Funds
  • tax
  • Tax Planning
  • TFSA
  • Travel Insurance
  • Universal Life
  • Wealth Accumulation
  • Whole Life
  • Will Planning

Contact Us

Eric Lidemark CLU, CFP, CHS
Lidemark Financial Group Inc.
eric@lidemark.ca
(604) 538-6565
3305 – 155B Street
Surrey, BC
V3Z 0K5

RSS Latest News

  • Disability Insurance and Small Business: How a Small Business Owner Used Disability Insurance to Stay Afloat While Managing Depression

About

Statement of Commitment to Clients: My commitment to you is to act with the care and diligence of a reasonable and prudent person conducting his or her own financial affairs. Statement of Financial Advisor Role: We believe our best tool is the ability to ask questions. While financial problems may be complex, the solutions often are not. There is strength in simplicity for most clients.

Our Dealer

Insurance products are offered through our managing general agency.
 
Mutual funds and/or approved exempt market products are offered through Investia Financial Services Inc.

© 2018 Financial Tech Tools