As the world starts to re-open and things take on a new kind of normal, we want to remind taxpayers that the government still has wage subsidies and other assistance programs available. We want to highlight a few of the bigger ones that could help your business get back on its feet. The Canada Emergency Wage Subsidy (CEWS), Canada Emergency Rent Subsidy (CERS) and Canada Recovery Hiring Program (CRHP) are three of the biggest programs that the CRA have implemented to help businesses.
The CEWS is a subsidy available to Canadian employers who have seen a drop in their revenue when compared to 2019. The subsidy is in place to help employers cover a part of employee wages and will allow businesses to keep more individuals employed.
The CERS is a subsidy available to Canadian businesses that have seen a drop in revenue when compared to 2019. The subsidy is in place to help businesses cover a portion of commercial rent, property taxes, insurance and commercial mortgage interest.
The CRHP is the newest subsidy program available and has been implemented to help Canadian employers continued to be impacted by COVID-19. The CRHP, like the CEWS, is in place to help cover wages paid by eligible employers. Each eligible employer must determine which subsidy to claim between the CRHP or CEWS, depending on whichever is higher.
If you have been impacted by the COVID-19 pandemic and want to check on your eligibility for these government subsidies, please contact our office.