The Minister of Finance has been very specific that the measures apply to the “INCOME TAX ACT”, and even more specifically, to “PART I of the INCOME TAX ACT”.
So not only are other “PARTS” of the Income Tax Act not referenced in that way, note that GST/HST is NOT governed by the “Income Tax Act”.
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As Jim mentioned, I agree that it is very doubtful that they will consider changing anything regarding “Trust monies”.
(Possibly it would even not be legal for them to make deferrals, absent a prior enabling change in legislation).
Has anyone heard what three period can be used for the “Temporary Wage Subsidy”? Do you think we will we be able to reduce the April remittance based on the entire March payroll?
What about owners wages, I feel like I deserve a raise.
Looking for concrete information on this too. We are getting calls, but the release says that certain CCPCs qualify, but I haven’t seen details. It says that it is only good for payments made to CRA - do they mean through their website? How do they track the amount you are claiming? It is nice that they are implementing these things, but I hope they provide specific details/instructions soon.
It says you have to be eligible for small business deduction, seems reasonable. You take the subsidy by shorting your payroll remittance. Likely will have some sort of reconciliation on the 2020 T4 summary.
Also just realized the $1,375 cap per employee… already maxed, guess no raise for me.
If clients don’t claim it now (or make mistakes) we likely can fix it anytime before the Jan 2021 remittance.
This just came from Payment Evolution which is working to implement something in their system to deal with it:
The CRA recommends that business owners wait until instructions are available before attempting to reduce any payments to the CRA.
They will not guarantee that those businesses who reduce payments without clear instructions will be in compliance with their remittance payments.
Will the CRA retroactively provide the subsidy if we do payroll now?
Unfortunately, the CRA has not provided guidance on this but we are hopeful that future instructions will include information on this option.