Canada Emergency Wage Subsidy 2.0 (CEWS 2.0)

Prepare CEWS 2.0 for multiple Qualifying Entities

In response to Bill C-20 passed on July 27th, Tax Templates Inc. has built a new Canada Emergency Wage Subsidy (“CEWS”) worksheet to help businesses and their advisors calculate their claims.

This worksheet is filled with features, including: 

      ◦   All calculations managed in one well-designed and integrated worksheet

◦   Optimization of the “CEWS 2.0” for each employee for each week to receive the maximum benefit available

◦   Macro to automatically import data from prior CEWS worksheets (video instructions)

◦   Built-in deeming provisions to automatically claim CEWS based on prior period qualifying revenues

◦   Built-in deeming provisions to help maximize the revenue reduction percentage for each qualifying period

◦   Maximizing the “pre-crisis” baseline remuneration for each employee based on all four period options

◦   Determining if any employee is without remuneration for 14 consecutive days

◦   Flexibility to choose between the “General” and the “Alternative” baseline revenue approach

◦   Flexibility to choose the Period 4 revenue drop percentage to be used in Period 5 (video overview)

◦   Calculate claims from Mar 15, 2020 to Nov 21, 2020 (and until Dec 31, 2020, if extended)

◦   Wage subsidy amounts for both active and paid-leave employees

◦   Supports payroll frequency of weekly, biweekly, semi-monthly, and monthly (or enter daily amounts)

◦   Support for entities with two payroll frequencies (e.g. bi-weekly and monthly together)

◦   Summary reconciliations for employees to streamline 2020 T4 reporting

◦   Include up to 1000 employees

Our detailed walkthrough videos show you how to complete every step with confidence.

11 videos totalling about 27 minutes explain each step of the calculation, and how to enter the necessary data correctly: revenues, employees, baseline remuneration, and ongoing payroll data.

Outputs are easy to review, and reconcile to your records to help ensure data correctness.

What you’ll need to start

◦   Payroll information since Mar 2019

◦   Monthly revenues since Jan 2019

◦   Microsoft Excel 2010 (or later)

What your licence includes

◦   Use of the CEWS worksheet for unlimited entities

◦   Technical support by email

◦   Updates for future periods

The Canada Emergency Wage Subsidy worksheet is included as part of TTI’s Tax Accounting collection.

The Tax Accounting collection also includes other popular TTI worksheets such as Safe Income, Simplified or Quick, Corporate Tax Continuity, and Investment Bookkeeping.

Click here to license a Tax Accounting collection

TTI provides a multitude of Excel-based spreadsheet tools that make life easier for my team. From salary/dividend decisions, forex calculations to safe income calculations and everything in between. You have to see the list to realize the value that is included in the suite – and they are constantly updated. It’s also nice to have the videos to follow along with on the more complicated ones. I wish this had been around when I started my practice.

Dan Chun, CPA

Partner, MNP LLP