Minister of Finance Joe Oliver announced the introduction of the new Small Business Job Credit on September 11, 2014. The Small Business Job Credit will effectively lower the employer portion of the EI premium from $1.88 to $1.60 per $100 of insurable earnings in 2015 and 2016. Any company that pays employer EI premiums equal to or less than $15,000 in those years will be eligible for the credit. The Canada Revenue Agency will automatically calculate the credit on a business’ return and refund the difference, ensuring no new paper burden will be imposed on business owners.
For more information on the Small Business Job Credit please visit the Canada Revenue Agency’s website at http://www.cra-arc.gc.ca/whtsnw/tms/sbjc-eng.html.