CEWS Payment

We received the Dec. 2020 bank statement 1 week after filing the Oct-Dec. 2020 GST/HST and Dec. 2020 Payroll Source Deductions.

And noticed that we received a CEWS Payment Dec. 14, 2020. I usually post it the day I received payments but this time I searched and read some articles about CEWS saying "this should be reported the date stated on the Bank statement to be included on CRA calendar year, it makes sense so I did.

I made a other REVENUE Acct. as CEWS Payment. and made an entry to gen Ledger dated Dec. 14, 2020.

BUT I'm a bit hesitant because my mind is telling me to report Jan. 18, 2020 instead, since I'll be reporting it on January-March 2021 GST/HST and January Payroll Source deduction.

Now, I am doing the payroll source deductions remittance and stopped to confirm before making any actions that can my ruin my reports.

I need your help and please let me know what else I missed and should have done to make my records on the right track.

Thanks in advance.

  • Hi @Prime Machine,

    Thanks for reaching out. Did you ever find an answer for this issue? If you are still looking for guidance, please let us know and we can try to point you in the right direction or suggest some resources or next steps.

    The KB 104453 on The Canada Emergency Wage Subsidy (CEWS) may be handy.

    Warm Regards,

    Erzsi

  • Hi @Prime Machine,

    We have recorded our CEWS payments as they were received in the bank. For year end however we accrued any payments received in January that related to December (i.e. CEWS period 10 claim covers through December 19, 2020, deposit came in January, we accrued it at year end). We took a similar approach of creating a new revenue (or contra-expense, however you want to look at it) called Wage Subsidy which gets grouped with our wages and salaries for FS reporting purposes. I hope this helps!

    Re: HST filings, I am not aware of CEWS information affecting or needing to be reported on those returns. Can't comment on payroll source deductions as our third party provider handles that for us, but I wasn't aware of any CEWS information having to be reported on those either.