McLennan Ross Update for Monday

What we are seeing

• The Federal Government has issued details to business owners on the temporary wage subsidy, a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the CRA. The subsidy is equal to 10% of the remuneration paid to employees between March 18, 2020, and June 20, 2020, up to $1,375 per employee and to a maximum of $25,000 total per employer. Eligible business are non-profit organizations, registered charities and Canadian-controlled private corporations with less than $15 million in taxable capital employed in Canada. See the Government's explanation of the program here.

What we are hearing