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Joe Oliver announces EI Premium Cuts: Quick Look at the New Premiums for Small Businesses

The Canadian Press , 11 Sep, 2014 11:53 AM

Some facts about the new Small Business Job Credit:

— Ottawa to cut EI premiums paid by small businesses to $1.60 per $100 of insurable earnings for the years 2015 and 2016, down from $1.88 at present.

— Any business that pays employer EI premiums of $15,000 or less to automatically qualify for the credit.

— No need to apply for the credit, which will be deducted automatically by the Canada Revenue Agency.

— Ottawa estimates the credit will save small employers more than $550 million over the two years.

— Almost 90 per cent of all EI premium-paying businesses, or 780,000 companies in Canada, will receive the credit.

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