Doctors and Canada Emergency Wage Subsidy

As a Doctor Can I Get a Wage Subsidy too? Short answer is YES!

The rules for the Canada Emergency Wage Subsidy are not focused around any specific industry but simply around having a revenue drop during a specific time period. Lets take the example of Mindy, she is a Doctor with a corporation, lets call it DoctorMindyInc. She has two full time employees, herself and an assistant. She pays herself $200,000 a year and her assistant $60,000 a year.

Her billings (cash or billed amounts) were as follows:

Based on the above, DoctorMindyInc, was down $16,000 in revenue but once the wage subsidy is factored in ends up ahead (under the method where you compare to Jan/Feb 2020).

Mindy did not think she would qualify for anything as her revenue was not impacted significantly from COVID-19, but based on how the Canada Emergency Wage Subsidy works, she was eligible for $20,328 under the Jan/Feb 2020 method.

The Canada Emergency Wage Subsidy is complex, so please feel free to reach out to us for help – michael@taxfordoctors.ca - want to do your own calculation try this useful website - https://www.wagesubsidycalculator.ca/

Also – Did you know that you may also qualify for the Canada Emergency Business Account which can be up to $40,000?