CEWS

Minister Ng announces investment in the POST Promise initiative to support the safe reopening of Canadian small businesses

Friday, July 23, 2021 - 4:00pm

Today, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, announced an investment of more than $1million to support the POST Promise initiative, led by a national not-for-profit organization.

Key Points: 
  • Today, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, announced an investment of more than $1million to support the POST Promise initiative, led by a national not-for-profit organization.
  • The POST Promise initiative invites businesses to commit to applying public health measures in their workplaces and provides tools for communicating with customers and employees about the steps they are taking to ensure safety.
  • The POST Promise will use the federal investment to further its efforts by onboarding an additional 40,000 businesses and hiring 30 young adults for 12 weeks as part of its ambassador program.
  • This boost in consumer confidence and commitment to safety measures will help businesses operate safely and support Canada's economic recovery."

Titan Logix Corp. Reports Fiscal 2021 Q3 Financial Results

Wednesday, July 21, 2021 - 9:30pm

Gross profit for the third quarter of fiscal 2021 increased by $175,987 to $558,164 or 52% of revenue compared to $382,177 or 49% of revenue in the comparative prior period.

Key Points: 
  • Gross profit for the third quarter of fiscal 2021 increased by $175,987 to $558,164 or 52% of revenue compared to $382,177 or 49% of revenue in the comparative prior period.
  • During the fiscal quarter the Company continued with its participation in the Canada Emergency Wage Subsidy Program ("CEWS").
  • The Company realized $161,900 of subsidies in the fiscal quarter and $345,747 in the nine month period, partially offsetting compensation expenses.
  • Total expenses in the third quarter of fiscal 2021 were $698,233 as compared with $962,612 in the comparative prior period.

Enterprise Group Announces Results for First Quarter 2021

Friday, May 14, 2021 - 12:43am

Reduced activity from COVID-19 began at the end of the first quarter of 2020, continued throughout 2020 and into 2021.

Key Points: 
  • Reduced activity from COVID-19 began at the end of the first quarter of 2020, continued throughout 2020 and into 2021.
  • Although COVID-19 protocols have allowed Enterprise\'s customers to return to work, activity levels have not yet returned to pre COVID-19 levels.
  • Over the past few years, Enterprise has been updating and modernizing its systems and processes to be effectively used in a cloud computing environment.
  • Utilizing the CEWS and CERS programs, the Company recorded $300,656 ($126,370 - March 2020) against direct costs for the three months ended March 31, 2021.

Companies Can Now Save Billions in SRED Tax Credits with Canada's First CEWS-SRED Calculator

Thursday, March 18, 2021 - 11:45am

The CEWS impact on SRED tax credits is a pressing issue with many companies preparing to file their 2020 tax return previously unaware of the claw back until the Canada Revenue Agency announcement last week .

Key Points: 
  • The CEWS impact on SRED tax credits is a pressing issue with many companies preparing to file their 2020 tax return previously unaware of the claw back until the Canada Revenue Agency announcement last week .
  • Being the largest R&D tax credit program in Canada, the claw back of SRED credits will have a significant impact on Canadian businesses.
  • For more information on the software, visit g6consulting.ca/cews-sred/
    About G6 Consulting Inc: G6 Consulting Inc is the market leader in consulting Canadian businesses about R&D tax credits.
  • Comprising some of the best Ph.D.'s, engineers, and developers across Canada, G6 is relied upon to assist Canada's top companies secure SRED R&D tax credits.

Porter Airlines targets laid-off workers in an effort to reduce costs

Tuesday, January 19, 2021 - 2:26pm

TORONTO, Jan. 19, 2021 /CNW/ -Porter Airlines is using the pandemic as an excuse to stop paying workers using the Canada Emergency Wage Subsidy (CEWS) and terminating health care coverage for its furloughed workers.

Key Points: 
  • TORONTO, Jan. 19, 2021 /CNW/ -Porter Airlines is using the pandemic as an excuse to stop paying workers using the Canada Emergency Wage Subsidy (CEWS) and terminating health care coverage for its furloughed workers.
  • "It's disgusting that Porter Airlines would use the pandemic as an excuse to attack workers making little more than minimum wage," said Jerry Dias, Unifor National President.
  • The problem is that for most of these workers, a 10% cut would put them well below minimum wage.
  • The CEO announced plans to reduce costs to ensure the airline would be able to resume operations once the pandemic ends.

GVIC Reports Third Quarter Results

Friday, November 13, 2020 - 11:50pm

Wage subsidies from the Canadian Emergency Wage Subsidy (CEWS) were $7.7 million recorded for the quarter including joint ventures and associates.

Key Points: 
  • Wage subsidies from the Canadian Emergency Wage Subsidy (CEWS) were $7.7 million recorded for the quarter including joint ventures and associates.
  • After adjusting for the extra quarter of ATP funding and the losses, EBITDA including joint ventures and associates for the quarter was $2.8 million excluding wage subsidies.
  • GVIC received $11 million in cash and retained 100% of the cash flow of the businesses relating to the 45% interest for two years.
  • The 26.8% decline in consolidated revenues for the third quarter was an improvement from the 32% decline in the second quarter.

Cardinal Energy Ltd. Announces Third Quarter 2020 Financial Results

Thursday, November 5, 2020 - 12:09am

Adjusted funds flow increased from $2.1 million in the second quarter of 2020 to $13.2 million ($0.12/share) in the third quarter, despite a $5.9 million realized hedging loss.

Key Points: 
  • Adjusted funds flow increased from $2.1 million in the second quarter of 2020 to $13.2 million ($0.12/share) in the third quarter, despite a $5.9 million realized hedging loss.
  • Lower G&A costs were due to reduced salaries and bonus program contributions combined with decreased staff levels across the Company and Cardinal receiving the Canadian Emergency Wage Subsidy ("CEWS") during the third quarter of 2020.
  • In addition, during the third quarter, Cardinal exchanged $28.2 million of our 5.5% convertible debentures maturing on December 31, 2020 for new 8% convertible debentures maturing on December 31, 2022.
  • During the third quarter, in coordination with our service company partners, Cardinal continued to benefit from government subsidy programs.

New Survey: COVID-19 Takes Toll on Wage Increases

Wednesday, September 23, 2020 - 3:00pm

According to the survey, 34% expect no change and 15% expect a decrease in their companys wages.

Key Points: 
  • According to the survey, 34% expect no change and 15% expect a decrease in their companys wages.
  • Culo says that once government subsidies, such as the Canadian Emergency Wage Subsidy (CEWS), come to an end, we will have a better picture of how companies are actually doing.
  • Bruce Hein, Express franchise owner in Sarnia, Ontario, has seen a similar trend, noting the majority of his clients are keeping wages the same.
  • If necessary, companies seem more willing to lay off workers or freeze hiring instead of cutting pay.

Majority of business leaders agree the federal wage subsidy is a sound investment in Canada's economic recovery: KPMG in Canada poll

Monday, September 21, 2020 - 4:12pm

For example, 84 per cent of Canadian CEOs are focusing more capital investment in buying new technology, up from 67 per cent pre-COVID-19.

Key Points: 
  • For example, 84 per cent of Canadian CEOs are focusing more capital investment in buying new technology, up from 67 per cent pre-COVID-19.
  • The poll findings also reveal the business community is divided as to which companies should receive CEWS support, following the federal government's July 27, 2020 decision to broaden access.
  • KPMG's Canada Emergency Wage Subsidy Survey:In mid-August, KPMG's Tax practice conducted a national client survey of business leaders, company owners and executive management to share their views about the redesigned CEWS program.
  • The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss entity.

Canada Revenue Agency opens applications for enhanced Canada Emergency Wage Subsidy

Monday, August 17, 2020 - 5:26pm

Today, the Minister of National Revenue, the Honourable Diane Lebouthillier, announced that the Canada Revenue Agency has opened applications for Period 5 the first period of the enhanced CEWS program.

Key Points: 
  • Today, the Minister of National Revenue, the Honourable Diane Lebouthillier, announced that the Canada Revenue Agency has opened applications for Period 5 the first period of the enhanced CEWS program.
  • Increased eligibility, meaning that all eligible employers who've experienced a revenue drop can now qualify for a base subsidy.
  • "The Canada Revenue Agency is here to help Canadian employers of all sizes in getting their employees back to work.
  • The Government has made significant enhancements to the Canada Emergency Wage Subsidy by incorporating user and stakeholder feedback.