Spring and summer are, in any year, typically the busiest season for real estate sales and, consequently, the time when most moves take place. It's also the season when many post-secondary students are moving home for the summer and back to school as fall approaches. For any number of reasons, therefore, a lot of people will be moving this summer.
Allen Koroll
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In the 2011 federal Budget, the federal government announced a hiring credit for Canadian small businesses, to provide an incentive for such businesses to take on new employees. That program provided small business owners with a tax credit equal to any year-over-year increase in EI premiums paid by the business. The maximum credit available was $1,000 and any amount receivable was automatically credited to the employer’s payroll account with the Canada Revenue Agency (CRA). There was no requirement for the business owner to apply for the credit, as any available credit amount would be calculated by the CRA from the T4 information filed by the business for the current and previous taxation years. For purposes of the credit, a small business owner was defined as one whose total employer EI premiums for the previous year was $10,000 or less. Employers who created a new business would also be eligible for the credit.
The Canada Revenue Agency (CRA) has issued a Tax Tip reminding small business owners who are eligible for the Hiring Credit for Small Business (HCSB) for 2012 that they can receive that credit when they file their 2012 T4 information return later this month.
