The rules are appallingly complex and will be unintelligible to most business owners
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
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