There will now be both a base subsidy and, if revenue losses are 50 per cent or more, a top-up subsidy, with different rules and calculations for each. The percentage for the base subsidy depends in part on the revenue decline for the month in question — compared either with the same month in 2019 or, if the employer chooses, with the average revenue for January and February of this year.
There are other rules, exceptions and limitations — tons of them. The legislation is a bonanza for tax accountants from coast to coast. From a planning viewpoint, many businesses will be pushing accounting rules to the limit to try to reduce their current year’s revenue and defer it to next year.Article content continued
A brain teaser is not a straight forward and simple question, the rules as described in the article are clear and straight forwards, so where's the confusion?
It’s one thing to offer Canadian business owners a lifeline during the pandemic. It’s quite another to make the lifeline so impossible to understand, that strapped small business owners need to hire accountants to help. Was this done on purpose or is Morneau this stupid? cdnpoli
Remember when you were a kid and sprinkled real cookie/cake sprinkles on your mud pie, to make it look more realistic? Or real icing on styrofoam cake rounds. Artificial support is the same.
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