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Wednesday, February 12, 2014

Federal Budget – February 11, 2014

The Canada Job Grant

Businesses with a plan to train unemployed and underemployed Canadians for a new or a better job will be eligible to apply for a Canada Job Grant.

Impact on payroll production: None

Supporting Internships in Small and Medium-Sized Enterprises

To facilitate the linkages between small and medium-sized employers and youth, Economic Action Plan 2014 proposes a reallocation of $15 million annually within the Youth Employment Strategy to support up to 1,000 full-time internships for recent post-secondary graduates in small and medium-sized enterprises.

Impact on payroll production: None

Revising Remittance Thresholds for Employer Source Deductions

The following changes in the frequency of employers’ remittance of source deductions are proposed:

  • Increase to $25,000 from $15,000 the threshold level of average monthly withholdings at which employers are required to remit up to two times per month.
  • Increase to $100,000 from $50,000 the threshold level of average monthly withholdings at which employers are required to remit up to four times per month.

Impact on payroll production: These changes will apply in respect of amounts withheld after December 31, 2014.

Link to the budget: http://www.budget.gc.ca/2014/home-accueil-eng.html