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Wednesday, April 22, 2015

Federal Budget – April 21, 2015

A Quarterly Remitter Category for New Employers

Currently, new employers must remit withholdings monthly for at least one year. Beginning in 2016, new employers will be eligible for quarterly remitting if they have monthly withholdings of less than $1,000.

Expanding the Use of Business Numbers

Under the proposed approach, a business dealing with the federal government would only have to register once to be eligible to access a range of federal programs and services for businesses, instead of having to register separately under each federal service or program. This will reduce paper burden, simplify registration, eliminate duplication, and help businesses access Government services in a more effective manner.

Lowering the EI Premium Rate in 2017

This is expected to result in a substantial reduction in the EI premium rate, from $1.88 in 2016 to an estimated $1.49 in 2017, a reduction of 21 per cent.

Link to the budget: http://www.budget.gc.ca/2015/home-accueil-eng.html