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Personal Tax Filing Again! What’s NEW!
February 11, 2021
COVID-19 Interest Relief for Personal Taxpayers – But Penalties Still Apply!
April 8, 2021
You need to know how this important subsidy program works for March 14th, 2021 to June 5th, 2021:
This is how the revenue declines and the subsidy rates tie together:
| Revenue Decline | CEWS Subsidy Rate |
|---|---|
| 70% and over | 75% |
| 50-69% | 40% + (revenue decline – 50%) X 1.75 |
| 1-49% | Revenue decline X 0.8 |
The Reference Periods starting March 14th to June 5th are called Periods 14 to 16.
The revenue declines are calculated in relation to the following chart. Remember if you were using the General Method in periods 5 to 13, you must continue with that method. Same for those that were using the Alternative Method – you must stick to the method you were using before.
| Method | Period 14 (March 14 – April 10, 2021) | Period 15 (April 11 – May 8, 2021) | Period 16 (May 9 – June 5, 2021) |
|---|---|---|---|
| General Approach | March 2021 over March 2019 or February 2021 over February 2020 | April 2021 over April 2019 or March 2021 over March 2019 | May 2021 over May 2019 or April 2021 over April 2019 |
| Alternative Approach | March 2021 or February 2021 over the average of January and February 2020 | April 2021 or March 2021 over the average of January and February 2020 | May 2021 or April 2021 over the average of January and February 2020 |
Baseline remuneration – an update here too!
- By default, baseline remuneration is the average weekly remuneration paid to eligible employees by the eligible employer during the period January 1, 2020 through March 15, 2020.
- For CEWS Periods 14 through 16, eligible employers can elect to use the period of March 1, 2019 through June 30, 2019 or July 1, 2019 through December 31, 2019 to calculate the baseline remuneration.
