The Federal budget of June 6, 2011, announced a new hiring credit designed to alleviate the burden on small businesses trying to expand their payroll. Those businesses paying $10,000 or less in EI premiums in 2011 will see any additional hiring and accompanying premiums credited back up to $1,000. This means any business with a payroll of around $400,000 or less could add an employee in 2011 and suffer no extra EI premium on the first $1,000.
Of further help is the Canada Revenue Agency (CRA) will automatically credit back the money upon the 2012 T4 tax return being filed. No need to keep track of new employees either, since the credit is based on the increase in the employer's 2011 premiums over those paid for 2010.
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