If your business’s gross revenue (before taxes) has been reduced by at least 30% from February 2021 compared to February prior year. This subsidy will provide payment of 75% of the gross wages for February 2021. Note this also applies to all months from March 2020 (with March 2020 reduction being at least 15%) and back processing of subsidies is available.
From a tax perspective, we have reviewed this program in depth and there is no down-side in applying for this subsidy.
Our office will make the application on your behalf (as there are some calculations required along with submission of a detailed spreadsheet) and once applied you will receive the cheque from the Canadian Government for 75% of the gross wages for the applied period. And yes, we can back claim any missed prior periods all the way back to August 02, 2020.