HIRING CREDIT FOR SMALL BUSINESS (HCSB)
5/9/2012 12:27 PM
For 2011 and 2012 Canada Revenue Agency is granting up to $1000 credit on employment insurance premium of your employee costs. HIRING CREDIT FOR SMALL BUSINESS. (HCSB)
The HCSB gives small businesses relief from the employer's share of employment insurance (EI) premiums paid in a year. It does this by crediting up to $1,000 on the payroll account, based on the increase in an employer's EI premiums paid in one year over those paid in the year before.
Canada Revenue Agency is doing the paperwork to determine your qualifications: HIRING CREDIT FOR SMALL BUSINESS. (HCSB)
There is no application form to complete.
If you are eligible, the CRA will automatically calculate the amount of your HCSB using the
EI information from the T4 slips you filed with your 2010 and 2011 T4 information returns.
The amount to be credited to your payroll account will be greater than $2, but no more than
For more information, please search the following link at Canada Revenue Agency.
HCSB for 2011 <http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/hwpyrllwrks/stps/hrng/hcsb-2011-eng.html#business_income>
HCSB for 2012 <http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/hwpyrllwrks/stps/hrng/hcsb-2012-eng.html>
DO REMEMBER TO INCLUDE THE CREDIT TO YOUR EMPLOYER REMITTANCES OR YOU WILL NOT BALANCE WHEN YOU DO YOUR T4 SUMMARY.
HCSB is business income
Remember, If you receive the HCSB, you have to claim that amount as income or reduce your EI expense when you file your business return, even if we transferred some or all of this credit to pay off a debt.
Contact us for more information
Darlene Lafond R.P.A.