Accounting for the wage subsidy – Example scenarios for individuals
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Accounting for the wage subsidy – Example scenarios for individuals
Form Number: IR1251 / Form Code: IR1251
About this Guide
This guide provides various examples of situations that may apply to self-employed persons and other individuals that received the Wage Subsidy and how their Wage Subsidy payments must be accounted for in their IR3/IR3NR.
When to use this guide
The COVID-19 wage subsidy and leave payments from MSD received by self-employed persons/other individuals are considered a compensation payment under section CG 5B and must be included as income in your IR3/IR3NR return:
- in the 2020 year in the “Other income” box
- In the 2021 year onwards in the “Government Subsidies” box
You can find examples of various scenarios applying to self-employed persons and other individuals in Accounting for the wage subsidy – IR1251.
Related articles:
Four types of financial supports under COVID-19 (23/08/21)
Q&A for Financial Supports on August 2021
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