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Program Extensions & New T4 Requirements


CERB EXTENDED

September 5, 2020


  • CERB has been extended until September 30th, 2020

  • The Government will be transitioning to a simplified Employment Insurance (EI) program, effective September 27th, 2020, to provide income support to those who remain unable to work and are eligible

  • New temporary measures have been put in place to help Canadians access EI benefits more easily


The new qualifications are:

  1. 120 hours of work required

  2. Minimum benefit rate of $400.00 per week and,

  3. At least 26 weeks of regular benefits


You can find more information by pressing the link below:

https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra.html

CEWS EXTENDED

September 5, 2020


  • CEWS has been extended until November 21st, 2020

  • A wider range of businesses are now eligible for this benefit; the benefit now includes sole proprietorships and taxable corporations, certain Indigenous government-owned corporations, nonprofit organizations, partnerships consisting of 50% or more eligible employers and, registered charities

  • All eligible employers who have experienced revenue drops can now qualify for a base subsidy. Your subsidy amount is based on your revenue drop

  • You are now able to calculate your revenue drop in different ways and choose the way that works best for your situation

  • The new rules are complex and will require you to review the legislation carefully before proceeding


Press the links below to see the infographics prepared by the CRA that layout the new extensions and how they apply:

https://www.canada.ca/content/dam/cra-arc/serv-info/tax/business/topics/cews/infographic-1-en.pdf


https://www.canada.ca/content/dam/cra-arc/serv-info/tax/business/topics/cews/infographic-2-en.pdf


NEW T4 REPORTING REQUIREMENTS

September 5, 2020


  • The CRA has introduced additional reporting requirements for the upcoming T4 season

  • These requirements apply to all employers and will assist the CRA to validate payments under CEWS, CERB and CESB

  • These changes will require employers to keep detailed information about pay periods that pertain to the CEWS application periods and report such information in new coded boxes on the T4


You can find more information by pressing the link below:

https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/support-employers-cra-covid-19.html



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