In attempt to improve Canada’s economic growth the government has extended the temporary hiring credit until 2012. A credit of up to $1,000 against a small employer’s increase in its 2012 Employment Insurance premiums over those paid in 2011 will be provided.
The actual amount a small company will be credited is equal to the increase in employer EI premiums paid in 2012 over those paid in 2011. The Hiring Credit for Small Business 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.
A small company does not need to apply for this Hiring Credit. If you are eligible the CRA will automatically calculate the amount of your Hiring Credit using the EI information from the T4 slips you filed with your 2011 and 2012 T4 information returns.
The Hiring Credit can either be applied to your next remittance or you can receive a refund through direct deposit.
To receive your Hiring Credit through direct deposit you must fill out a RC366 form.
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