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C
CARWISE
May 25, 2020
Question

HOW WILL EVERYONE RECORD THE SUBSIDIES RECEIVED FROM CRA?

  • May 25, 2020
  • 1 reply
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So now that the subsidies from CRA have started coming in, how is everyone going to enter them into QB? Are these going to be considered an income? and will they be tax exempt?

1 reply

LeithG
LeithG
June 18, 2020

Generally these are taxable revenues, though rather than recording them in your usual sales buckets, you may wish to create a separate 'below the line' extraordinary revenue category.

https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-frequently-asked-questions.html#h_3

https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/frequently-asked-questions-wage-subsidy-small-businesses.html

Help calculating the amounts (particularly if you're blending both the 10% and 75% wage subsidies)

https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-calculate-subsidy-amount.html

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