CRA Wage Subsidy Information
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The CRA has announced more details surrounding the wage subsidy to assist employers:
- Employers eligible for the subsidy include Canadian controlled private companies (certain restrictions to larger companies), non-profit organizations and registered charities.
- The subsidy is equal to 10% of renumerations between March 18 and June 20, 2020 up to a limit of $1,375 per employee and $25,000 per employer.
- The subsidy is received in one of two ways: employer reduces the amount of CRA remittances by the subsidy; or if CRA remittances are not reduced, then the employer can request the subsidy to be paid at the end of the year.
More information can be found here.
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The Province of BC has announced an initial program for support for both BC businesses and individuals. Details are pending, but below are the basics:
- Class 4, 5 and 6 properties will see their school property tax cut in half for the 2020 tax year. This provides relief to property owners with the hope it will be passed to tenants on triple-net leases.
- Businesses with payrolls over $500,000 can defer their employer health tax payments until September 30, 2020. Businesses with a payroll under this threshold are already exempt.
- Payments for provincial sales tax (PST), employer health tax, municipal and regional district tax, carbon tax, motor fuel gas tax and tobacco tax are also deferred.
- Scheduled increases to the carbon tax rate, and application of PST to e-commerce transactions and sweetened and carbonated drinks will be delayed.
Changes to the Employment Standards Act was mentioned but no specifics were given.
In addition, there will be support for people losing their jobs, facing decreased hours, or missing work due to illness. A new BC Emergency Benefit for Workers will provide a tax-free $1,000 payment. This payment will be tied to those individuals who are eligible for Unemployment Insurance, the newly announced Federal Care Benefit, or the new federal Emergency Support Benefit. Information on these federal programs can be found here.
Information on these and other components of the BC Action Plan can be found here.
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The Downtown Victoria Business has been working with the Greater Victoria Chamber of Commerce and the City of Victoria to ensure there is an easily-available website specifically for businesses to get the most up-to-date information on federal, provincial, and municipal programs available to you. This website will be regularly updated and provides relevant business-related information pertaining to COVID-19.
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