Has anyone found any specific details regarding the 75% wage subsidy criteria? I specifically am interested in the 30% drop in revenue requirement. Is that a 30% drop during the grant period or does the company need to show a 30% drop in revenue over their fiscal year?
Still no information available yet…details supposed to come out today… waiting with bated breath.
I figured that they have not been released; however, sometimes they release in the most unusual places first
ya very gray area… I’m interested in knowing too. I look at my income, it did decrease for this period compare to last year, because people are not coming out, and no rush in filing. Are they going to say you will get your income later so you don’t qualify?
Quote: National Post
On Monday, Prime Minister Justin Trudeau said his finance minister would lay out the details of the program during a briefing on Tuesday.
That never happened and now Finance Minister Bill Morneau says he and Small Business Minister Mary Ng will instead provide more details during a Wednesday briefing.
I saw that today as well.
I got this from Pierre Poilievre’s news feed today. Seems the little potato has spoken out of turn again.
“Parliament will need to be recalled to salvage the government’s wage subsidy promise. Trudeau’s announcement is not legal under the law his government wrote last week. Morneau probably just realized that and that’s why he suddenly cancelled his press conference.
Trudeau said a company must have lost 30% of revenue to qualify for the wage subsidy. That is not in the law his government wrote. Trudeau said “all employers” will get help.
But public companies–which are among the largest employers in Canada–are not eligible under the law his government wrote.Trudeau also said employers that cannot afford to pay 25% of the wage will still get the 75% subsidy. That is not in the law his government wrote.”
Basically another cluster dance caused by speaking without first engaging whatever he calls his “little grey cells”
Does anyone notice how much mileage he gets out of these promises of help for Canadians? Each day for weeks on end they can talk about how much they have done, how great all of these employer and employee programs and subsidies are, how much it has helped Canadians… and yet not a cent has flowed out to anyone yet.
Every resident of Canada is required to file a personal Tax Return. A few years ago the CRA said they were phasing out cheques and required everyone’s direct deposit info. Technically speaking, they have track of everyone who files a return and have their banking info. They could have done some basic means testing (based on 2018 or 2019 income) and simply started dropping money into bank accounts if they really wanted to.
CERB = Emergency Response = so urgent it could be available later this month
james1, Norman and snoplowguy, would you mind if I posted your comments on my FB newsfeed to let the others know this. I would of, course, be sure you names or any personal personal info, including our tax forum would not show in any way. If you 3 have any objections, I WILL NOT post the info. Thanks, and stay safe.
I can’t believe what I just heard from the finance minister. Pay your employees, prove to us you paid them, and then prove your revenue is 30% less than last March. We will review it and hope to get you your subsidy in 6 weeks. And they expect this will get people back on the businesses payroll instead of applying for CERB.
I sure hope I heard that wrong because I don’t know how many of the businesses I work with that would qualify can afford that right now.
In the technical details call, they made clear that the 75% subsidy is separate and in addition to the 10% subsidy (though use of the 10% subsidy decreases what you’re entitled to under the 75% subsidy)
Feel free to use my comments nay way you like.
It appears that nothing changed with the legislation.
At the moment, on April 15th, unless the legislation is changed and PASSED in parliament I will still be using the PASSED legislation for the 10% subsidy, I guess, unless the little potato says that is gaming the system
It might not be an expensive program for the feds!
Thanks so much Norman! More ‘hoops’ for the companies to jump through…then they will ‘review’ it??? I am thinking by the time all is said and done, there will be a lot of companies that will not be able to hold on that long and will be closing their doors. How sad!
I don’t think my comments provide much in the way of informative value, but feel free to use them however you like.
Oh… great to hear from you again Norm. Wasn’t sure where you had been hiding. Missed you at the last couple of conventions.
I like the US system. Every taxpayer gets a cheque in the mail…
What sticks in my craw is the warnings by our PM about the corrupt small businesmen who are gaming the system…
Meanwhile he raises the carbon tax AND his salary…
Well I have listened to the Morneau press conference and he explained serveral things and left me with more questions. Hopefully we will get something more helpful once the house of Commons passes the new and improved bill.
At least it answered my question above it is March 2020 compared to March 2019 , April to April and May to May. Unless you are a new business (under a year) and then they may have some other way to determine the drop i.e March vs February etc
Yeah @Norman, where have you been hiding?
I have many small business clients calling and asking for details of this 75% subsidy that just aren’t there yet. The information released so far doesn’t appear to benefit many of my small business clients whose employees, for the most part, are family members excluded from the benefit by definition. As one of my clients said, “it sounds like an opening for a future audit”.
Even the 10% subsidy is of dubious benefit to businesses forced to close their doors and send employees home. The CERB appears to be the most likely source of assistance for many clients I’ve spoken to. The $40K interest free loan sounds interesting. Pay it back by the deadline and they forgive 25%?