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Friday, March 22, 2013

Federal Budget – March 21, 2013

Extending the Hiring Credit for Small Businesses

As the economy continues to recover amid continuing global economic uncertainty, Economic Action Plan 2013 proposes to extend the temporary Hiring Credit for Small Business for one year. A credit of up to $1,000 against a small employer's increase in its 2013 EI premiums over those paid in 2012 would be provided.

The Canada Revenue Agency will automatically calculate the Hiring Credit for the 2013 tax return.

Impact on payroll production: None

Continuing to Reduce Red Tape and Improve Services for Small Businesses

Impact on payroll production: None

Phasing Out the Labour-Sponsored Venture Capital Corporations Tax Credit

Economic Action Plan 2013 proposes to phase out the federal LSVCC tax credit by 2017.

Impact on payroll production: None before 2015

Read the budget speech.