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Small businesses to benefit from temporary reduction in EI premiums

10/29/2014

1 Comment

 
The federal government has announced that small and medium-sized Canadian businesses will be able to pay lower employer EI premiums, beginning January 1, 2015. While the program recently announced by the Minister of Finance is entitled the “Small Business Job Credit”, the credit actually operates by reducing, for a two-year period, the portion of Employment Insurance premiums paid by employers.

The amount of the credit is calculated using a reduced premium rate for small businesses for the year in question. Employees pay EI premiums at a rate of $1.88 per $100 of insurable earnings. Employers are then required to pay their share of EI premiums at 1.4 times the employee rate. Under the new program, employers will calculate the amount of EI premiums to remit using the standard premium rate of $1.88 per $100 of earnings. When the employer’s T4 information return is processed in the spring of the following year, however, the Canada Revenue Agency (CRA) will re-calculate EI premiums owed by eligible small businesses at a reduced rate of $1.60 per $100 of insurable earnings.

Eligibility for the premium reduction will be limited to businesses which remit less than $15,000 in employer premiums for the year. The premium reduction will be available during the 2015 and 2016 calendar years.

The Department of Finance provides the following example of a business which will be eligible for the credit, and how that credit will be calculated.

A small business employing 14 employees, each earning $40,000, would ordinarily pay about $14,740 in EI premiums in 2015. However, since the total EI premiums paid by the employer are less than $15,000, it would be eligible under the Small Business Job Credit for a refund of about $2,200, which is the difference between employer premiums paid at the legislated rate versus the premiums calculated under the reduced small business rate ($12,540).

Once the CRA determines that a business it entitled to the tax credit and the amount of that credit, any such amount will first be applied to any outstanding balances owed by the business. Where there is no such balance or there is an excess after the balance is paid, that amount will be refunded to the small business.

The Small Business Job Credit is part of a program of changes to the EI premium rate which will see the 2016 rate of $1.88 per $100 of insurable earnings reduced to an estimated $1.47 in 2017.

The rate reduction for 2017 is part of a new rate-setting mechanism which ensures that EI premiums are no higher than needed to pay for the EI program over time. Beginning in 2017, annual adjustments to the rate will be limited to 5 cents. Finally the annual announcement of the EI premium rate for the upcoming year will be announced by the middle of September, to give both employers and workers more time to plan for any change in the rate.

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PEI Business Federation Health Plans Now Available

10/27/2014

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Group Plan Details

Healthcare:
Drug Benefit - Drug Card with 80% Co-pay

Vision: $200 every 24 months. Eye exam every 24 months

Paramedical Services: $500 per person, per practitioner per year.
           
Includes:
 Physiotherapy, Chiropractor, Masseur, Speech Therapist, Naturopath, Osteopath, Podiatrist,Acupuncturist, Psychologist plus more..

Travel Coverage: Emergency coverage outside of Canada for trips up to 60 days in duration.

Dental Benefit: 80% Co Pay includes cleaning, flouride, fillings, basic services - Max $1,500 per year per person.

Life Insurance: $10,000 per plan member.

Accidental Death & Dismemberment:
$10,000
per plan member

Dependent Life: Spouse: $5,000 - Dependent child $2,500

 Total Monthly Cost of the plan

Single coverage: $88.45

Couple coverage: $176.90

Family coverage: $226.33


There is no medical evidence required to participate in the plan and medications you are taking when you enroll in the plan are covered under the plan.

    Details or Quote - E Mail Us

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Submit
Our aim is to offer you the best coverage in either group or personal coverage from companies that have a history of excellence in customer satisfaction.


Call toll free: 1-844-940-5927 for details.
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New Disability Coverage for Islanders Now Available

10/6/2014

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Disability Insurance for Individuals and business. Starting as low as $32.00 per month. Meet your financial obligations if you have to take time off work because of an accident - and accidents do happen - recover without the stress of financial burdens. Call today for your free no obligation consultation toll free 1 844 940 5927 or local 902 940 5927 today!

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Click for more info
Many working Islanders don't realize a disabling illness or accident can rob them of their ability to earn an income. And many have not thought about protecting their most valuable resource.

Now you know what's at stake. Find out here what your risk of disability — and loss of income — really is.

To learn more about how to protect your most valuable resource, visit the Council for Disability Awareness.
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office@atlanticbusinessfederation.com 
  • PEI Business
    • Atlantic Business Federation
    • PEI Members
    • PEI Business Directory
    • Nova Scotia Business Directory
    • NB Business Directory
    • Stay in PEI
  • Business News
    • News/Feeds/Links/Info
    • PEI Business Federation
    • PEI Business Issues
    • PEI Business Blog
  • Business Services
    • PEI Podcast Rentals
    • Photographer Services
    • Point of Sale Visa MC Debit
    • PEI Bookkeeping & Accounting Services
    • PEI Marketing & Promotions
    • PEI Signs and Printing Services
    • PEI Training, Courses, Online Study
    • PEI Computer, Software Discounts
    • PEI UPS Shipping & Courier Services
    • PEI Business & Personal Services
    • PEI Telephone/Cellular/Long Distance
    • PEI Drone Services
    • PEI internet service provider
    • PEI Web Presence Grant
    • PEI Furnace Oil Savings
  • Insurance Services
    • PEI Employee Benefits
    • Guaranteed Issue Health Plans
    • Blue Cross Travel Insurance
    • PEI Auto Insurance
    • PEI Home Insurance
    • PEI Business Liability Insurance
    • PEI Disability Benefits
    • Application for Disability Insurance
    • PEI Life & Personal Insurance
    • Application for Life Insurance
    • PEI Business Overhead Insurance
  • Financing Services
    • Credit Card Rewards Program
    • Atlantic Equipment Financing and Leasing
    • PEI Mortgage Brokers
    • PEI Point Of Sale Benefits
    • Businesses for Sale, Rent or Lease
    • PEI Small Loans Financing
    • PEI Financial Advisors
    • PEI Bankruptcy & Debt Management Services
    • PEI Loans, Lending, Financing and Banking
  • Web Services
    • Foodbooking Apps and Websites
    • Website Design Services >
      • Web Presence Grant ABF
    • Graphic Design Services
    • Virtual Creations Web Services Studio
    • App Design Services
    • Atlantic Virtual Mall
    • Booking.com Registration
    • Logo Design Studio
    • Atlantica Domains - PEI Business Domains
  • Register
    • Services Pricing
    • Monthly Membership
    • Monthly Full Website
    • Join ABF