The Small Business Job Credit is a two-year measure that was created to lower the Employment Insurance Premiums of employers for 2015 and 2016. This was created by the previous federal government to spur hiring and create growth. The eligibility for this credit are as follows (from the CRA website):
- you deducted EI premiums from the remuneration you paid to your employees, or paid the worker’s share of EI premiums for barbers, hairdressers, fishers, or drivers of taxis and other passenger-carrying vehicles, and you remitted these premiums (along with your businesses’ share of EI premiums) to your payroll program (RP) account;
- you reported the income and deductions on a T4 slip and filed this information on your RP account for 2015 and/or 2016; and
- the total of employer EI premiums you paid for all of your RP accounts in 2015 and/or 2016 was $15,000 or less
Some of our small business clients have reported seeing these amounts being deposited into their bank accounts, however they were not informed of it or expecting it. Clients have seen balances credited to their bank account from the CRA, with no corresponding letter informing them of the transaction. So if you see a mystery deposit from the Canada Revenue Agency, there is a chance that it could be this. If you are unsure please feel free contact us and we can look into it for you.
For more information check out the CRA website Here.