On Monday, April 27, 2020, applications will open for the 75% Canada Emergency Wage Subsidy (CEWS).
Here's what you need to have ready before you apply.
1) Register for the CRA's My Business Account. Doing this will ensure that you can apply as soon as the application opens. If you are not already signed up, you can do so here:
If you aren't able to register for My Business Account, you'll need an online web access code to use the alternative application for the subsidy. You can do that here:
2) Make sure all of your business details are correct. Verify that everything is correct, including your direct deposit information for your payroll accounts, to avoid possible payment delays. You can double-check those details here:
3) Calculate your estimated subsidy amount. This is going to help you determine some specific line amounts (lines A – G) on the CEWS application. The CRA has setup a convenient calculator for this here:
4) Determine if you need to be registered for the Large Volume Transfer System (LVTS). If you're expecting a subsidy payment of $25 million or more, you need to go through the LVTS. If you aren't already enrolled, you can start your registration here:
5) Additional Information
- most businesses will be able to apply using My Business Account
- Represent a Client can also be used on behalf of businesses
- if either of these methods are not available to you, a separate online application form will be available
If you have any more questions about the CEWS, we've prepared an FAQ for you here:
For a complete list of our COVID-19 resources for individuals and businesses, please visit availcpa.com/resources
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