75% Wage Subsidy Extended Until August

Posted by Trevor Buttle on May 15, 2020 12:44:33 PM

Today, Prime Minister Justin Trudeau said the 75 per cent federal wage subsidy program is being expanded by three months, to the end of August to assist employers as they look to reopen their businesses.

Companies that saw their revenues drop by 15 per cent in March or 30 per cent in April and May are eligible for the program — but Trudeau hinted changes could be coming to that threshold.

"As businesses start up again, this shouldn't become a barrier to growth."  He said this aspect of the program will be one explored during talks with business and labour stakeholders in the weeks ahead.

Finance Minister Bill Morneau is expected to provide more details on this in the near future.

The subsidy is on the first $58,700 of an employee’s salary, providing up to $847 a week per employee and. As it was initially implemented, the subsidy was set to be in place for 12 weeks, retroactive to March 15, for businesses and charities. It has now been extended by an additional 12 weeks to August 29.


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Topics: General Tax Information, Tax, COVID

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