Small Business Owners to Get $500M Back in Insurance Cuts
OTTAWA — If you own a small trucking business, there’s good news ahead: businesses that pay up to $15,000 in employment insurance (EI) premiums will get a break in 2015.
EI premiums will drop from $1.88 per $100 of payroll to $1.60; that’s a 15-percent drop in EI costs for small businesses that pay $15,000 or less in EI premiums.
The cut takes effect Jan 1. 2015 and goes through 2016 and is expected to benefit about 780,000 Canadian businesses. Finance Minister Joe Oliver announced the cuts earlier this month and said the it will return about $500-million in the pockets of small business owners.
The cuts are meant to help business owners afford to hire more people and create jobs.
What’s more, there’s no paperwork that needs to be filled out. Canada Revenue will simply calculate the credit when businesses file their taxes in 2015.
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