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Finance & Legal
Mar 23, 2012 | The Canadian Professional Sales Association lock

The government of has implemented several tax credits that businesses can potentially claim in order to help fuel ’s job and business growth. See below for some that you may want to investigate:

-          Hiring Credit for Small Business

o        If you are self-employed or have a small business, you can potentially receive up to $1000 back. This credit gives  small businesses relief from the employer's share of employment insurance premiums paid in 2011. The credit of up to $1,000 will automatically be credited to your payroll account. Click here for eligibility and other details.

-          Computer Capital Cost Allowance

o        This deduction allows businesses to claim 100% of computer costs (including systems software) purchased after January 27, 2009, and before midnight on January 31, 2011. Click here for qualifying criteria.

-           Apprenticeship Job Creation Tax Credit

o        An eligible salary paid to an employee in a prescribed trade in the first two years of his or her apprenticeship contract qualifies for a non-refundable tax credit for the employer. Click here for more details.

-          Investment Tax Credit for Child Care Spaces

o        Employers who carry on a business in , other than a child care services business, can include a non-refundable amount in their investment tax credit calculation for each new child care space they create in a licensed child care facility they operate for the benefit of the children of their employees. Click here for details.

-          Small Business Deduction

o        For Canadian-controlled private corporations claiming the small business deduction, the net tax rate is 11%. For more details, click here.

-          Corporation Tax Rate Reduction

o        The corporation net tax rate decreases as follows: 18% effective January 1, 2010; 16.5% effective January 1, 2011; and 15% effective January 1, 2012. For more details, click here.

In addition to these, if you are self-employed, there are several deductions you might be eligible for, such as home office expenses, meals and entertainment, capital assets, convention expenses, etc. Read this article to learn more about these kinds of claims.


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