How do I use the new 10% reduction in income tax withholding?

donbowmandonbowman Member Posts: 12

[Canada] Announced this week, this section below, it says I can reduce my remittance of 10% immediately.

But how do i do this in wave?

"Helping Businesses Keep their Workers
To support businesses that are facing revenue losses and to help prevent lay-offs, the government is proposing to provide eligible small employers a temporary wage subsidy for a period of three months. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration. Employers benefiting from this measure will include corporations eligible for the small business deduction, as well as non-profit organizations and charities."

https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html?fbclid=IwAR3V1VRP196TBs_Apd-x0gb7Bhnhy0ac1Y-2ztV-Cm1CtJ9D4nqeeYOm964#Helping_Businesses_Keep

Comments

  • RyanSRyanS Member Posts: 1

    I have the same question and would like to implement this in the current payroll period given it is effective immediately.

  • donbowmandonbowman Member Posts: 12

    in addition, we can defer remittance entirely until sept, according to the press release.

    I don't think we can do this w/o waveapps help tho?

  • bryankulbabryankulba Member Posts: 1

    Yeah, I'd love to figure this out... it's pretty crucial for us right now. :(

  • edaeda Member Posts: 1

    Same here! Can we please get some information on how to do this in the current pay period. Thanks!

  • BarsinABarsinA Administrator Posts: 1,535 admin

    Hey @donbowman @eda @bryankulba @RyanS

    First off, we apologize greatly that your businesses have been impacted by Covid-19 and we are currently working diligently to get this sorted out for you and other payroll users.

    An email has been sent out titled, "Payroll Update: Temporary Wage Subsidy Program." If you haven't seen that, please take the time to read what Wave Payroll is currently doing to support you, your business and your employees during this time.

    Wave has been closely monitoring this and in response, have been working throughout the weekend to make this feature available via Wave Payroll as soon as possible.

    We will be reaching out with more updates as this develops. In addition, we will place updates related to your payroll service in our help centre here: https://support.waveapps.com/hc/en-us/articles/360040649172

    Thank you for your patience and understanding as we work through this together.

    edited March 23, 2020
  • donbowmandonbowman Member Posts: 12

    thanks, got the email.

    seems there are 2 items to work on? the 10% withholding, and the defer remittance?

    Looking forward to it!

  • donbowmandonbowman Member Posts: 12

    thanks wave for the email this am, i clicked it. Keep it up!

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