Services for COVID-19
In this new CRA and Finance Canada World where Acronyms or Initialisms rule the vocabulary, things can get a bit confusing. Also, the speed with which programs change and morph into something completely different is a tad disturbing.
If you are confused, join the party. We work hard to stay up to date with the every changing COVID-19 funding changes. If you need help, that's why we are here for clients and non-clients alike. Give us a call or email info@ADAMSandAssociates.ca to book a time to chat.
EI - Employment Insurance
We made temporary changes to the Employment Insurance (EI) program to better support Canadians looking for work.
As of September 27, you may be eligible for EI if you:
- were employed for at least 120 insurable hours in the past 52 weeks
- received the CERB, the 52 week period to accumulate insured hours will be extended
- stopped working through no fault of your own
- have not quit your job voluntarily
- are ready, willing and capable of working each day (EI regular benefits)
- are temporarily unable to work while you care for someone else or yourself (EI maternity, parental, sickness, compassionate care, and family caregiver benefits)
If you are eligible for EI benefits, you will receive a minimum taxable benefit at a rate of $500 per week, or $300 per week for extended parental benefits.
CRB - Canada Recovery Benefit
The Canada Recovery Benefit (CRB) gives income support to employed and self-employed individuals who are directly affected by COVID-19 and are not entitled to Employment Insurance (EI) benefits. The CRB is administered by the Canada Revenue Agency (CRA).
If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period.
If your situation continues past 2 weeks, you will need to apply again. You may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020 and September 25, 2021.
CRCB - Canada Recovery Caregiving Benefit
The Canada Recovery Caregiving Benefit (CRCB) gives income support to employed and self-employed individuals who are unable to work because they must care for their child under 12 years old or a family member who needs supervised care. This applies if their school, regular program or facility is closed or unavailable to them due to COVID-19, or because they are sick, self-isolating, or at risk of serious health complications due to COVID-19. The CRCB is administered by the Canada Revenue Agency (CRA).
If you are eligible for the CRCB, your household can receive $500 ($450 after taxes withheld) for each 1-week period.
If your situation continues past 1 week, you will need to apply again. You may apply up to a total of 26 weeks between September 27, 2020 and September 25, 2021.
CRSB - Canada Recovery Sickness Benefit
The Canada Recovery Sickness Benefit (CRSB) gives income support to employed and self-employed individuals who are unable to work because they are sick or need to self-isolate due to COVID-19, or have an underlying health condition that puts them at greater risk of getting COVID-19. The CRSB is administered by the Canada Revenue Agency (CRA).
If you are eligible for the CRSB, you can receive $500 ($450 after taxes withheld) for a 1-week period.
If your situation continues past 1 week, you will need to apply again. You may apply up to a total of 2 weeks between September 27, 2020 and September 25, 2021.
CEWS - Canada Emergency Wage Subsidy
A proposal has been made to continue the CEWS until June 2021, including possible changes to the rates and top-up calculation.
Applications for claim period 7 (August 30, 2020, to September 26, 2020) are now open.
The wage subsidy consists of a base subsidy for all employers whose revenues have been impacted by the pandemic, as well as a top-up subsidy for employers that are hardest hit. There is a separate rate structure for furloughed workers. It is proposed that the base subsidy rate for September 27 to October 24, 2020 continue to apply from October 25 to December 19, 2020. As such, the maximum base subsidy rate would be set at 40 per cent for this period, and the maximum top-up subsidy rate would remain at 25 per cent.
As a Canadian employer who has seen a drop in revenue due to COVID-19, you may be eligible for a subsidy to cover part of your employee wages, retroactive to March 15. This subsidy will enable you to re-hire workers, help prevent further job losses, and ease you back into normal operations.
10% Temporary wage subsidy. Shock - No acronym!!! - simply a reduction is payroll deductions by 10% of your wages paid during a qualifying period.
In an ongoing attempt to get things closer to "back to normal" our clients, personal and corporate, have the option of audio and video conferences through our commercial GoToMeeting portal.
We can conference in over 100 people with full audio/video access or, if you wish, you can call in by phone for audio access only. There are local access numbers across Canada and around the world.
We have the ability, if you video conference, to share our computer screens for year end reviews or going over your personal income tax returns.
Give us a call or send an email to info@ADAMSandAssociates.ca for more information and to set up a virtual meeting.
For the time being, our office is open to the public, by appointment only. There are a maximum of 3 appointments per day. We can see clients in our office, if they wear a mask and follow published social distancing guidlines. Please call and book an in office appointment.