Is quick books updating the extended 10% wage subsidy to reflect the CRA announcement? as of now it only reflects to June 19 2020

Hi uniquepools,

During these uncertain times, QuickBooks has adjusted to the new needs of small business owners. Luckily, supports such as the 10% wage subsidy have been put in place to help you get through the current climate, and I know how important it is to record it correctly in your books. I'd be happy to shed some light on this for you.

The extended subsidy only means that any unused wage subsidy amount available can be used to lower the remittances paid until the eligible subsidy is depleted. The period for calculating has ended as of the 19th of June, which hasn't changed. The calculation period, as well as the policy for the subsidy, allows your company to apply the maximum amount until there is $0 remaining. 

Here's an important update from CPA Canada: 

You can find additional resources on their site here: Federal government COVID-19 tax updates.

I'd also encourage you to review the resources and FAQ on the CRA website: FAQ – Temporary wage subsidy for employers: CRA and COVID-19.

I hope this helps make sense of things for you. This is new to everyone, so if you need a helping hand, please don't hesitate to reach out to our tech support team for some one-on-one assistance. 

Cheers.