Canadian Finance Minister Bill Morneau recently released details on the Canada Emergency Wage Subsidy (CEWS) program confirming RV dealers across Canada are eligible, according to RVDA of Canada.
The government eliminated the $15 million taxable capital threshold as an eligibility criterion to access the wage subsidy program.
The CEWS was recently increased from 10 percent to 75 percent of an employee’s salary, and the eligibility was expanded to businesses of any size, regardless of the number of employees or whether or not they are a group or a partnership. The subsidies will be accessible for a period of three months and retroactive to March 15 until June 6. Any business in Canada that has experienced a decline in revenue of at least 30 percent from last year in March, April and May would qualify for the benefit.
All RV dealers in the country would be eligible for the 75 percent wage subsidy to keep their employees on payroll or to rehire them, as long as they can show a decline in revenue of 30 percent or more. The funding will be accessible through an online portal via the Canadian Revenue Agency (CRA) in the next six weeks. Businesses are advised to make their best effort to pay the remaining 25 percent of their employees’ salaries.
RVDA of Canada strongly encourages dealers to sign up for direct deposit with the CRA and apply for the subsidy as soon as possible. Final details around the program will be released in the coming days. RVDA of Canada said it will alert members to new developments.