EI premiums to be lowered to help cut payroll taxes
Posted Sep 11, 2014 01:35:48 PM.
This article is more than 5 years old.
Finance Minister Joe Oliver has announced a nearly 15% cut to Canada’s E-I payroll taxes.
He says the move will save small businesses more than $550 million over the next two years.
Oliver says employment insurance premiums are being reduced from $1.88 per $100 earned, to $1.60 under what’s being called the Small Business Job Credit.
He says nearly 90% of businesses paying the premiums are eligible.
Art Sinclair is Vice President of Greater Kitchener Waterloo Chamber of Commerce.
He tells 570 News he hopes this will get more people in the region into the labour market over the next few months.
“Particularly with the upcoming Christmas season this might provide a push for the retail sector…this may an additional incentive for them.”
He believes the cut from $1.88 to $1.60 is reasonable.
Listen below to the full interview with Art Sinclair:
