Avail Temporary Wage Subsidies with Professional Accountants in Toronto

The global coronavirus outbreak has pushed us into unknown territories. We all are now going through something beyond our control and trying to keep things intact. For companies and corporations, this time is even tougher; especially with the responsibility of the well being of its loyal workforce. As a matter of fact, professional accountants in Toronto have become extremely busy during these times to help business owners cope up with these uncertain times.

If you too are a business owner looking to rope in reliable accounting services in Toronto to help deal with this situation, here are some updates. Here is what the Canadian government has to say…

What do Professional Accountants in Toronto think about announced Wage Subsidies for Employers?

The Canadian federal government has announced a temporary wage subsidy for the next three months. Our experts in accounting services in Toronto say that this temporary reform will help companies survive this financial crisis.

The wage subsidy allows eligible employers to reduce the required mandatory payroll deductions to be remitted to the Canada Revenue Agency (CRA), subject to eligibility.

So how do know if your company is eligible or not?

Who is an eligible employer?

• All Canadian controlled private companies
• Every non-profit organization
• All registered charities
• Companies with existing business number and payroll program account with the CRA by 18th of March, 2020; and also,
• Ones who pay salary, wage, bonuses and other remuneration to its employees

However, it should be noted that all CCPCs with a taxable capital employed for the last financial year of more than $15million are ineligible.

Temporary Wage Subsidy – Details

If you have the question about the amount of the Temporary Wage Subsidy, our professional accountants in Toronto is here with the details. 

It grants every eligible company a subsidy of 10% of the remuneration to be paid between – 18th of March to 20th of June, 2020. The subsidy allows up to $1,375 per employee to a maximum of $25,000 for every employer. Also, note that not every associated CCPC needs to share the maximum subsidy.

So, how do claim this temporary subsidy?

To avail the announced scheme, employers need to calculate the subsidy by simply reducing the current payroll remittance for federal, provincial, and territorial income taxes. However, there is no reduction for CPP or EI premiums. The subsidy can be claimed for the first remittance period, i.e paid after March 18, 2020.

For any kind of assistance regarding calculations and filing, we’re always here to help. Fintax Gurus is home to some of the best professional accountants in Toronto. 

For professional accountants in Toronto, you can feel free to reach out to us anytime. We’re committed to helping every business owner get through this phase and survive the financial hardship.