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Positive Changes on Wage Subsidy

With the new changes made by the Canadian Government, in the Wage Subsidy program, it will now be easier for companies to qualify for the program.

3 key changes made in the program are,

  • A firm can now use revenue from January and February as a base of comparison, if it chooses. Previously, only year-over-year comparisons were allowed. This will help new firms
  • To qualify, companies will have to show a 15% reduction in gross revenues for March. Previously, the threshold had been a 30% loss. The threshold will be 30% in April and May
  • The government will allow the option to use cash accounting, instead of accrual accounting

Detailed Information: https://bloom.bg/2y5NWry