As Canadian businesses struggle to overcome the financial impact of Covid-19, they may experience issues with keeping their employees employed and paid. The federal government launched the Canada Emergency Wage Subsidy (CEWS) to help cover the cost of employee wages, retroactive to March 15th. This subsidy enable businesses to re-hire your workers, prevent more job losses and help you ease back into your normal business activities.
This has been the year of adjustments. A huge number of businesses have had to reinvent how they handle their day-to-day business. It is no surprise that T4’s have not been spared.
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As many Canadian businesses were forced to close their doors and later modify how they do business in a World during a global pandemic, Canadians struggled to make ends meet. The Canada Emergency Response Benefit (CERB) and Canada Emergency Student Benefit (CESB) were launched in March and May respectively to relieve some of the pressure. Employers deduct taxes prior to depositing their employees’ pay into their account. However, this was not the case with CERB and CESB benefits.