CRA unveils wage subsidy calculator to help companies in Canada keep employees on the payroll
There's now a wage subsidy calculator on the Canada Revenue Agency (CRA) website, designed to help Canadian companies keep employees on the payroll.
The new online calculator allows employers applying to the Canada Emergency Wage Subsidy (CEWS) to determine how much they can expect to claim through the subsidy.
Eligible employers will be asked to input the number of eligible employees they have, and the amount and type of pay their employees received prior to the crisis.
Canadian businesses across the country – it’s official:— Mary Ng (@mary_ng) April 21, 2020
Applications for the 75% 🇨🇦 Emergency Wage Subsidy will be open this Monday, Apr. 27 via the @CanRevAgency.
To find out how much you can expect from this subsidy, check out this CRA calculator: https://t.co/BqgXStO4L4
Employers will also have to answer a question regarding employment insurance and pension plans.
Qualifying employers will be given up to $847 per employee, each week. According to the CRA website, there is no limit on the total subsidy amount that an eligible employer may claim.
The CEWS application opens on Monday, April 27.
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