Small Businesses Get a Hiring Boost

June 6, 2013

For Immediate Release

June 6th, 2013

Small Businesses Get a Hiring Boost

Ottawa, ON – Recently, the Federal Government announced new tax relief for small business, including the extension of a popular federal tax break for local small businesses looking to hire more workers.

The Hiring Credit for Small Businesses will be extended and expanded as part of Economic Action Plan 2013. This will provide a credit of up to $1,000 against a firm’s increase in its 2013 EI premiums over those paid in 2012. It is estimated that 560,000 small businesses will benefit from this tax relief measure, which will save $225 million in 2013.

The Lifetime Capital Gains Exemption will also be increased to $800,000 and will be indexed as part of Economic Action Plan 2013. This relief measure will increase the rewards of investing in small businesses and make it easier for owners to transfer their family businesses to the next generation.

“These measures will ensure that small businesses have the tools that they need to be economically prosperous,” said Larry Miller, MP for Bruce-Grey-Owen Sound. “We are expanding on programs that have proven to be successful and I encourage all small businesses in Bruce and Grey counties to take advantage of these measures.”

For more information on the Hiring Credit for Small Businesses, the Lifetime Capital Gains Exemption, or other measures please visit www.actionplan.gc.ca.

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