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Okanagan Small business hiring credit

Hiring Credit for Small Business –

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Expansion and Extension of Hiring Credit

Okanagan Small business hiring creditThe hiring credit for small business(“HCSB”) was introduced for the 2011 and 2012 tax years. It is being extended for a further one-year term expiring December 31, 2013. This temporary credit will provide up to $1,000 against a small firm’s increase of its 2013 employment insurance premiums over those paid in 2012. The program is also being expanded for 2013. For 2011 and 2012, only those small businesses that paid employer premiums up to $10,000 were eligible for the credit. In 2013, the cutoff in employer premiums is being raised to $15,000 or less. The amount of the credit for those businesses will be the increase of the employer’s premium paid in 2013 over those paid in 2012. No application form is necessary. The credit is calculated automatically by the CRA when the business files its 2013 T4 information return, and the amount of any credit will be automatically applied to the payroll account of any eligible employer.