Year end reporting is way more complicated this yr, this is a helpful article, and some links to CRA site built in ~ TLR
http://www.canadian-accountant.com/content/partner-posts/understanding-wage-subsidies-at-year-end
Rachel Fisch of Wagepoint on TWS & CEWS compliance in time for 2020 year-end
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Rachel Fisch is a strategic advisor at Wagepoint. Join Rachel and Juliet Aurora, co-founder of AIS Solutions & Kninja Knetwork, on December 16, 2020, for a webinar on reporting wage subsidies for 2020 year-end. |
Year-end reporting is complicated in a normal year — in 2020, it’s “rocket surgery.”
This year saw the federal government introduce two different wage subsidies to support small businesses during the COVID-19 pandemic: the 10% Temporary Wage Subsidy for Employers (TWS) and the Canada Emergency Wage Subsidy (CEWS). Both subsidies are considered income for the small businesses who took advantage of them and, as such, they each have specific reporting requirements.
If you and your small business clients are feeling overwhelmed, you’re certainly not alone. This overview will walk you through the ABCs of the wage subsidies, and if you’re still confused about closing your clients’ books, you can join our December 16th webinar to go over it all in detail. I will be hosting this webinar with Juliet Aurora, co-founder of AIS Solutions & Kninja Knetwork.
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