Tax Tip: The Hiring Credit for Small Business Has Been Extended Did you know?

2013-01-23 18:22:56 -

OTTAWA, ONTARIO -- (Marketwire) -- 01/23/13 -- The Government of Canada has extended the Hiring Credit for Small Business (HCSB) for 2012. The 2011 federal budget created the HCSB to create jobs, grow the economy and support small businesses.
If you are self-employed, you may be eligible for the hiring credit for small business. This credit gives small businesses relief from the employer's share of employment insurance premiums paid in 2012. The credit of up to $1,000 will be automatically credited to your payroll account.

Facts about the HCSB


--  The HCSB is a credit of up to $1,000. 
    
--  The actual amount credited (up to $1,000) is equal to the increase in
    the Employment Insurance (EI) premiums paid by a business in 2012 over
    those paid for 2011. 
    
--  The HCSB is available to employers whose total employer EI premiums were
    $10,000 or less in 2011. Employers who created a new business in 2012
    may also be eligible. 
    
--  The credit is automatically applied when a business files a 2012 T4
    information return. To be eligible, the 2012 T4 return must be received
    prior to January 1, 2016. 
    
--  Eligible employers who have outstanding debt are still eligible for the
    HCSB. The Canada Revenue Agency (CRA) applies the amount of the credit
    to reduce any outstanding debt owed. 
    
--  For more information, go to www.cra.gc.ca/hiringcredit.

How do I apply for the credit?
You don't need to apply for the HCSB. If you are eligible, the CRA will automatically calculate the credit using the EI information from the T4 slips you file-no added paperwork or red tape!
Try the CRA's online services for businesses
With CRA online services for businesses, you can file, pay, and manage your tax affairs online at your convenience. For more information, go to www.cra.gc.ca/businessonline : www.cra.gc.ca/businessonline .
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Contacts:

Noel Carisse

Media Relations

Canada Revenue Agency

613-952-9184