Toronto,Ontario, March 22, 2012… The Honorable Gail Shea, Minister of National Revenue, accompanied by Mr. Bernard Trottier, MP for Etobicoke-Lakeshore, today visited the Toronto Board of Trade to promote a new credit introduced in the 2011 Economic Action Plan to help small businesses grow. The hiring credit for small business (HCBS) puts up to $1,000 back into the accounts of Canadian businesses, and business owners don’t even need to apply for it – it’s automatically calculated for them.
“The hiring credit for small business allows employers to offset some of the additional cost of hiring new employees. About 600,000 Canadian small businesses are eligible for this credit,” said Minister Shea.
“Our government is working hard to reduce red tape and the hiring credit for small business, which is automatically calculated by the CRA, is just one way tax savings introduced by our government are working for you,” added MP Trottier.
The actual amount credited (up to $1,000) is equal to the increase in the Employment Insurance (EI) premiums paid by a business in 2011 over those paid for 2010. The HCSB is available to employers whose total employer EI premiums were $10,000 or less in 2010. The credit is automatically applied when the 2011 T4 information returns are filed. To be eligible, the 2011 T4 return must be received prior to January 1, 2015. Eligible employers who have outstanding debt remain eligible for the HCSB. The CRA will apply the amount of the credit towards any outstanding debt owed. Employers who created a new business in 2011 may also be eligible.
“Our government is proud to support small businesses throughoutCanadato help grow the Canadian economy. Almost 610,000 more Canadians are working today than when the recession ended, resulting in the strongest rate of employment growth by far among G-7 countries,” said Minister Shea.
This is the government’s signature event to mark Tax Savings Day. Many similar events are taking place across the country.
For more information about the hiring credit for small business, go to www.cra.gc.ca/hiringcredit.
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FOR BROADCAST USE:
On Thursday, March 22, 2012, the Honorable Gail Shea, Minister of National Revenue accompanied by Mr. Bernard Trottier, MP for Etobicoke-Lakeshore visited the Toronto Board of Trade to promote the hiring credit for small business. This credit puts up to $1,000 back into the accounts of Canadian businesses, and business owners don’t even need to apply for it.
For media information:
Nancy Bishay
Director of Communications
Office of the Minister of National Revenue
613-995-2960
Noel Carisse
Media Relations
CanadaRevenue Agency
613-952-9184
