CEWS 2.0 Estimator Update
The Video Tax News / Punchcard Systems CEWS 2.0 Estimator - WageSubsidyCalculator.ca has been updated to include an “Eligible Remuneration” field. Users will now be able to see the expected subsidy in both dollars and as a percent of applicable remuneration.
CRA Calculator vs. CEWS 2.0 Estimator
On August 11, 2020, CRA released both an Online and Excel version of a calculator, created with input from the CFIB. They are fairly detailed, yet straight forward to use (as straight forward as could be expected given the complexity of the legislation). One challenge is that only one period can be examined at a time, and under only one method (the general approach, or the Jan/Feb approach).
Fortunately, our Estimator can calculate multiple months under multiple methods at the same time, all on one screen, in very little time. While it does not include the complete set of factors that CRA’s calculator considers, it is very useful and efficient from a planning and wholistic view perspective.
You can:
get a quick estimate of what you can get
compare methods in order to make the best election
see how revenues affect entitlement
understand how earnings from the prior month can help current month claims (deeming/safe harbour rules)
confirm your overall understanding of the rules
share it with clients or colleagues
Mentions/Media
The CEWS 2.0 Estimator has now been mentioned in the media:
National Post - Government seeks to clarify updated $80B wage subsidy program amid complexity concerns
Investment Executive/Canadian Press - CRA launches updated CEWS calculator ahead of applications opening Monday
Even CRA and the CEO of the Canada Federation of Independent Businesses, “like”d it on Twitter!