April 22 update: Canada Emergency Wages Subsidy (CEWS)
On April 21, 2020, the Canada Revenue Agency (“CRA”) released information on how to apply for the CEWS.
Eligible employers will be able to apply for the CEWS starting April 27, 2020. They can apply through My Business Account, through their authorized representative via Represent a Client, or through a separate online application form that will be available on April 27th.
According to the CRA, all CEWS applications received between April 27th and May 3rd will be processed on May 4th and eligible employers who are signed up for direct deposit, should have their CEWS on May 6th or May 7th.
The CEWS will be processed based on each payroll account of an eligible employer. Many employers only have one payroll account and will not be impacted by this. However, larger employers that have a separate payroll account for each operating division will have to determine their CEWS for each payroll account.
The CRA also released an online CEWS calculator to assist eligible employers with calculating their CEWS. The CEWS calculation can be printed and will assist with the application process.
The CRA is encouraging eligible employers to sign up for My Business Account if they have not already done so or obtain an online web access code if they plan on using the separate online application form. Eligible employers should also ensure they are set-up for direct deposit so they can access their CEWS as quickly as possible.
More information can be found on CRA’s website: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-how-apply.html
Please contact your regular Fruitman Kates LLP advisor if you have any questions.