The Canada Revenue Agency will open the application process for the Canada Emergency Wage Subsidy April 27.
CEWS claims will be subject to verification by the Canada Revenue Agency, therefore the CRA will begin to release funds for approved applications May 5. To get ready:
- Sign up for My Business Account or Represent a Client – Employers will be able to apply through these portals. You can watch this video for instructions on registering for My Business Account.
- Register for Direct Deposit for your payroll account (RP) – Employers who are not registered for direct deposit will receive their CEWS payment by cheque and additional time will be required for mail delivery.
- Calculate your CEWS eligibility – The CEWS webpage includes a calculator function that guides employers through a step-by-step calculation of the CEWS and enables employers to determine the subsidy amount they can expect to claim based on the information that they enter into the calculator.
- If you are expecting a payment of $25 million or more, you will have to get your payment through the large value transfer system (LVTS). To do this, you have to be enrolled in direct deposit on your payroll account and be registered for the LVTS. If you are not already set up for LVTS, begin the registration process.
For more information on the process, go to https://www.canadianbusinessresiliencenetwork.ca/news-and-insights/2020/04/23/step-by-step-guide-get-ready-to-apply-for-the-canada-emergency-wage-subsidy-cews/