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employee retention credit

3 things to remember before applying for employee retention credit

Businesses faced severe consequences during the Covid 19 pandemic; sales declined to zero causing massive losses. After the businesses reopened, it became challenging to continue with the same number of employees. Every business started to fire its employees. Due to the unavailability of funds to pay their salaries until the employee retention credit scheme was announced. The employee retention credit scheme has helped small and mid-sized businesses to retain their employees. However, many businesses still need to apply for this employee tax refund. Applying for this tax is relatively easy, but certain conditions exist to be eligible for that tax. Nevertheless, if any business remembers the following things before applying for the retention credit explained in this article, it will more likely get a refund. 

  1. Small or Mid Sized business

    A business needs to fall in the category of small or mid-sized businesses before applying for this tax back scheme. The big companies are already in profit and have the potential to face pandemics and retain employees. Contrary to this, small businesses are growing and don’t have the potential to face severe conditions. Therefore, big companies can still apply for this scheme, but they will only get fewer refunds than small businesses. On the other hand, small and mid-sized businesses are highly encouraged to apply for this scheme and get benefits from the government’s offers. 

  2. Shutdown during the pandemic

    The business which faced shutdown, either complete or partial, are eligible to get this credit. However, businesses that have nothing to do with Covid-19 will not be facilitated.

    Internet businesses like blogging, vlogging, and consultancy services are less likely to get affected by the pandemic. Such Businesses face no problem while paying an employee or retaining employees in any situation. However, outdoor businesses like hotels, stores, salons, dentists, and other shops are highly affected by Covid-19.  Therefore if you have any outdoor business that faced shutdown during the pandemic, you are eligible to apply for this retention credit. 

  3. Faced Sales Decline

    The businesses must show proof of sales declines during the shutdown period to claim this credit. All the businesses that faced severe consequences during the pandemic are bound to present sales and gross income statements from month to month before the CRA-Canada Revenue Agency. The businesses also have to show t4 tax information slips. To notify how much loss they are facing and how many company employees are on the verge of getting fired. 

    If you own a business that has been through the conditions mentioned above, claim your credit without further a do. However, the amount of retention credit differs from business to business depending on the number of employees and sales and income statement. Regarding simplifying things, we explain the criteria of retention credit estimation. 

Number of Employees

As stated earlier, retention credit is explicitly for small businesses; therefore, companies having several employees between 5 to 100 are eligible. Therefore, If an eligible employer pays wages to employees in a quarter up to $10000 in reference to the tax t4 slips, they can get a refund of up to 50%. However, a company having between 5 to 100 employees can get a refund of as low as $25000 and as high as $130000. Further, if a company has employees between 100-500 are also eligible for this scheme. They can get a credit of as low as $2.5 million and as high as $13millions, subject to their payroll tax is paid on time. 

Qualified Wages

The employee retention credit is not available on all the wages paid since the arrival of covid 19; instead, for a particular duration. All the wages paid by an eligible employer to its employees from mid-March 2020 to June 2021 fall under the eligibility criteria of the retention credit scheme. The wages paid later than the mentioned duration will not be able to avail credit retention. However, the businesses that did not apply for this scheme during this period don’t need to get worried. According to the Coronavirus  Aid, Relief and Economic Security Act- CARES, businesses will be able to claim the retention credit till three years past the retention credit scheme’s last date. 

The government’s employee retention credit is an appreciable step to uplift small and struggling businesses. Some business owners need help applying for Form 7200. Accounting consultancies are helpful in this regard; they have helped numerous businesses claim this credit. However, approaching the best consultancy is in itself a problem, but not anymore, as long as there is MBE Accounting. 

MBE Accounting

MBE Accounting, a financial accounting consultancy service, maintains a portfolio of serving numerous businesses, whether big or small. If You need services regarding  T4, T4A, Bookkeeping, Tax returns, payment payroll, corporate registration, corporate renewal, or audit, MBE is there. MBE Accounting deals with all sorts of services related to financial accounting. Unlike other consultancies, MBE has high client retention. MBE aims to help businesses in dealing with legal matters regarding accounting. MBE Accounting is currently operating across Canada but vows to expand globally. MBE believes in nothing but the quality of work. Whether you search “tax return canada,” “canada t4 slips”, “audit canada,” or “t4 revenue canada”, you will get MBE accounting as a result on the first page of every search engine.     


The pandemic has caused lots of damage to people and their income streams, be it a job, self-employment or a business. Plenty of people who used to own businesses have gone bankrupt, and plenty of people who were previously employed have become jobless. In this regard, governments have announced employee retention credit to uplift businesses struck by covid so that no more people go bankrupt and no more people become jobless. If you are a business owner and still need to apply for this credit, go and claim it immediately.  

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How To File your T4 CRA Online With MBE Accounting

A successful business demands accurate calculations. Filing a tax return, corporate taxes, payroll tax, corporate registration, corporate renewal, t4 cra, t4 cra online and other legal matters go hand in hand with business. A business owner has to deal with all these matters besides managing the business. 


Financial accounting is tricky; sometimes, it can be worse than a headache. Therefore, to avoid legal issues concerning financial accounting, businesses try to hire consultants to guide them. This article is about how to avoid legal issues like T4, T4a, HST, corporation registration etc. and will tell readers about the best consultant services available across Canada. 

MBE Accounting

MBE Accounting is a service that helps businesses sort out their financial accounting problems. It’s about providing legal advice and many other services. Let’s explore the service of MBE Accounting. 

Corporate Registration 

MBE is second to none when getting corporate registration in minimum time. MBE has helped hundreds of corporations register with Canada Revenue Agency CRA in the shortest time possible. Also, MBE provides the best advice to businesses in getting Master business licenses. MBE aims to take the burden off your shoulders and let you focus on your business the most by giving the best services in Taxation matters. 


Corporate Renewal

MBE doesn’t let businesses alone after corporate registration. Instead, MBE provides its service in corporate renewal. MBE is a well-reputed company in terms of getting the corporate renewal of its clients in minimum time. MBE helps businesses with yearly renewal plans and deals with objections in the renewal process. The core responsibility of MBE is to take the burden off its clients so they can focus on their businesses. 


Directorship swapping

MBE helps businesses in directorship swapping. It deals with all matters like the addition of a director, removal of a director, transfer of power, and the profit and loss share of the directors concerning the company`s law. From sole proprietorship to cooperate registration and sharing percentage changes etc. MBE deals with all matters with the expertise of highly professional accountants and legal personnel. 


Tax Consulting

Taxation is something every business gets chills about. Therefore every business wants the best services to file a return tax, legal papers and tax discounts. MBE covers all types of complexities related to taxes. Whether you want to file personal or corporate tax returns, MBE helps you go through both.



Apart from tax consulting, MBE provides services in HST. Harmonized sales tax is essential for the business. It is better to pay this tax on time; MBE guides its clients to pay it on time. HST holds tremendous importance regarding the future of business and business benefits.


Book Keeping

Managing your books is the most crucial aspect for a business to survive. MBE offers bookkeeping services, including sales, total expenditures, profits, losses, budget drafting, account management, and stock management.  Apart from this, MBE will help you manage balance sheets, accounting ratios, and budget control. 


Salary Managing 

From a business owner’s or a company head’s point of view salary, managing is a challenging task. Managing the salaries of hundreds of employees is risky unless you take experts’ premium services, and MBE is an acclaimed expert company. MBE helps with payroll calculation, payroll tax, Net salary value, tax deductions, employment insurance, and other deductions. 


T4, T4A

Canada Revenue Agency has strict policies concerning T4 and T4A. MBE helps businesses in the briefing about all the deductions from employers’ salaries, including CPP, EI and taxes, whether provincial or federal. Further, it helps to explain the employer contribution according to the CRA-given ratio. MBE helps businesses to draft summaries of wages weekly, bi-weekly, or monthly. Besides this, it helps businesses to generate t4 slips, t4 in canada, filing t4, and filing t4 online.

Along with this, MBE sends summaries to CRA on behalf of third parties. I,e, clients of MBE. However, the name of the client is always kept confidential. 



Audit plays an essential role in analyzing a business’s performance. MBE has helped many businesses in Canada to analyze their performance by doing their audit on their behalf. MBE has taken some highly skilled accountants on board to get accurate results of audit and accounting. With the help of auditing, MBE has given consultancy services to businesses. Also, MBE has suggested and advised businesses on improving profits and sales and cutting extra expenses.  



Most business owners are worried about financial accounting, specifically tiny businesses. Such business owners keep searching “how to file a tax return” and “t4 cra near you” and “t4 cra near by me” end up getting the services of unprofessional agencies. Taking financial accounting services is the need of every business. With expert advice on financial accounting, any business can recover quickly. Therefore financial accounting consultancy and advice add to the longevity and sustainability of a business. At the same time, it saves ample time for the company and owner. Not only this, but it saves businesses from legal complexities and matters. Every business is bound to have legal experts then. It is better to get exceptional and accurate advice from experts like MBE accounting instead of going for someone with a limited approach to legal matters. 

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