Flow Ventures | September 15th

If you were one of the SMEs that managed to qualify for CEWS, you MUST read this article! My Recommendation: Begin preparing now!

In the article, Kenneth Keung highlights what many have suspected: The CEWS audits will NOT be superficial. As can be seen in a redacted CRA “Initial Contact Letter” (aka Audit Letter) which included 6 PAGES(!!!) of bulleted items being requested from the company, CEWS audits will likely be onerous. In addition to this, CRA states “It is anticipated that the turnaround time for the vast majority of information requests should be not more than 10 business days…” – 10 DAYS!! For many SMEs preparing this information within 10 days will require a titanic effort that will require many to shift focus to this.

Identifying bad actors that are willfully non-compliant is one thing, but this promises to be a long process for many of those using an incredibly complex program correctly and with the best intention of compliance.