The Canada Emergency Wage Subsidy (CEWS) was implemented by the Canadian government in April 2020 to help prevent job losses in Canada. Employers who suffered revenue declines were eligible to receive the subsidy which is calculated based on wages paid to employees working in Canada (it also applies to furloughed employees employed in Canada).
The subsidy period has been extended multiple times as has the claim deadline. However, the first claim deadline is quickly approaching and will reach us on January 31, 2021. This deadline will apply to claims for periods 1 through 5 (ending August 1, 2020).
The deadline to apply for the CEWS in respect of periods subsequent to period 5 is 180 days after the end of the period. Thus, the deadline to file the period 6 CEWS claim will be February 25, 2021!
The CEWS is available to many types of employers large and small. If you have not yet considered taking advantage of this benefit it will be important to move quickly or the opportunity will be lost (or at least somewhat diminished).
If you need any help or have any questions contact your trusted Welch advisor.