For more information on submitting Form PD27, check out our Help Centre article: To help keep track of the subsidy amount you've received, Wave will record all subsidy amounts that you claim on your remittances as "Uncategorized Income." Please contact support right away to let us know to turn the subsidy off and correct any remittance amount in a timely fashion. At year end, your T4 summary and slips will report employee wages and remittance amounts as normal.
The federal 10% Temporary Wage Subsidy for Employers is generally available to smaller employers for wages paid from March 18 to June 19, 2020. Please note that all eligible employers, whether you received this subsidy, CEWS, or both, must fill out Form PD27, 10% Temporary Wage Subsidy Self-Identification Form for Employers. Employers may continue to apply unused carry over from the 10% TWSE subsidy from payrolls paid from March 18, 2020 to June 19, 2020 Refer to Scenario 1 - You are an eligible employer who wants to receive the TWS, but have not reduced your remittances. Is the subsidy considered taxable income for my business? If you have any questions on the new Form PD27 requirements or the TEWS and CEWS programs, please contact your BDO advisor. The completed Form PD27 needs to be attested to and signed by the employer or authorized officer and submitted online through the CRA’s My Business Account or mailed/faxed to the CRA National Verification and Collection Centre within the employer’s jurisdiction as listed on the form. The subsidy must be calculated manually, and your payroll remittance for employee income taxes, but not CPP or EI, should be reduced by 10% of the value of salaries and wages paid to your eligible employees when you make your payroll remittance each month. The power of industry experience is perspective - perspective we bring to help you best leverage your own capabilities and resources. The maximum subsidy amount is $ 25,000 for all of your employees. How much is the subsidy? If you don’t pay any wages, including bonuses, between March 18 - June 19, 2020, you can not receive the subsidy. If you have a credit in your payroll program account after the subsidy is applied and your account is reconciled, the CRA will pay the amount to you or transfer it to your next year’s remittance. Many employers who qualified for both the TWS and CEWS chose to apply only for the CEWS for administrative ease, either from the start of the TWS program or later on in the eligible periods. Select the Payroll Summary by Employee Report. This calculator will allow you to know an estimate of the temporary employer wage subsidy which is valid on wages from March 18, 2020 to June 19, 2020. You will need to keep information to support your subsidy calculation. Combining vertical industry alignment with cannabis business services in Canada and internationally. The 10% Temporary Wage Subsidy is separate from (but reduces) the subsequently introduced Canada Emergency Wage Subsidy (“CEWS”). Terms of use. This Canada-wide measure will require $ 975 million in government spending. On the same COVID-19 page, once the subsidy is active, you will see the amount that has been applied increase as you approve payrolls within your account. The information in this publication is current as of August 11, 2020.
What if I don’t pay any wages between March 18 - June 19, 2020?
What if I’m eligible but didn’t opt-in right away in Wave? If you have multiple CRA payroll program accounts, you will have to do this for each individual account. From the CRA's webpage on the Canada Emergency Wage Subsidy: "For employers that are eligible for both the Canada Emergency Wage Subsidy and the 10 per cent wage subsidy for a period, any benefit from the 10 per cent wage subsidy for remuneration paid in a specific period would generally reduce the amount available to be claimed under the Canada Emergency Wage Subsidy in that same period.". What if my subsidy from a pay period exceeds the income taxes from the same period? This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only.
The 10% Temporary Wage Subsidy tracker spreadsheet will help you keep record of the following information: Still have questions? How does Wave calculate my subsidy amount? This past spring, the federal government introduced two wage subsidy programs as part of their COVID-19 Economic Response Plan. This temporary assistance is an exceptional measure and the period during which you are entitled to the subsidy is from March 18, 2020 to June 19, 2020 because of the problems related to the COVID-19 coronavirus. Only subsidy amounts calculated on remuneration paid between March 18 to June 19, 2020 can be used for these future reduced remittances. What if I said I was eligible in Wave but now I know I am not? Eligible employers who did not reduce their remittances must complete Form PD27, 10% Temporary Wage Subsidy Self-Identification Form for Employers to allow the CRA to credit your payroll program account by the amount of the subsidy for which you are eligible. How do I apply for the 10% temporary wage subsidy? The TWS claimed—in dollars and as a percentage of gross remuneration paid—is also to be reported for each pay period that falls within the eligible period. The CRA has listed different scenarios in their reporting guidelines to help you fill the form out appropriately. In addition to basic employer information, Form PD27 requires the total number of eligible employees paid during the eligible period to be disclosed, along with gross remuneration, income tax deductions, CPP contributions, and EI premiums. 10% Temporary Wage Subsidy.
Update August 4, 2020: The CRA has released Form PD27, 10% Temporary Wage Subsidy Self-Identification Form for Employers that all eligible employers must submit if receiving this subsidy, the Canada Emergency Wage Subsidy (CEWS) or both. On July 31, the Canada Revenue Agency (CRA) released a new reporting form and related guidance to employers who qualified for the TWS. Under the 10% Temporary Wage Subsidy, eligible employers (as described below) may be entitled to a subsidy in respect of remuneration paid between March 18, 2020 and June 19, 2020.
Please read our, PD27, “10% Temporary Wage Subsidy Self-identification Form for Employers”. You will continue deducting income tax, Canada Pension Plan (CPP) contributions, and Employment Insurance (EI) premiums from salary, wages, bonuses, or other remuneration paid to your employees as you currently do.
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