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How do we account for the new COVID wage subsidy of 10% reduction?

 
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QuickBooks Team

How do we account for the new COVID wage subsidy of 10% reduction?

That's an excellent question, andy58,

 

It's great to hear that you're able to take part in the government's payroll wage subsidy that was put in place for helping businesses impacted by COVID-19. I can appreciate how the next step for you would be knowing how to implement it in whichever QuickBooks Online Payroll system you're using. I want to make sure you have the information you need going forward.

 

At this time, running payroll in QuickBooks is business as usual. There aren't any measures in place yet to put the subsidy into action through the program, but I want to assure you that this is among our top priorities as we know how important this is for our users. Intuit is working closely with the Canadian Payroll Association to receive guidance and direction on interpreting legislation set by the government for payroll. This is something we do anyway, but we've especially be seeking their guidance during this time.

 

The CPA has told us it is working with the CRA to sort this out and we're eagerly awaiting their update so we can pass it on to you. Once we have word about how to proceed with this, we'll be sending out notices to users with either of QuickBooks Online's Payroll services to ensure you know the next step.

 

Let me know if you have further questions regarding this and I'll do my best to track down the information you need. Have a great week!

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