Payroll Costs: Small Business Owners

Grinded Dept: In its budget announced Tuesday, the federal government said about 525,000 employers will be offered a onetime credit of up to $1,000 to help compensate for increased EI premiums in 2011. The hiring credit for small business will be available to employers who had premiums at or below $10,000 in 2010. The government calculates it will cut overall payroll costs by $165 million, according to Calgary Herald. "So any money you get back from the big boys down East in Ottawa, put it back in my pocket and helps some of my costs. That's a big deal for me." The federal government will be giving small business owners across Canada a break on employment insurance premiums in an effort to facilitate job creation. "As a small business it seems like you're getting grinded for everything," said Dr. Jayson Shephard, who runs the Shephard Health clinic in the Kensington neighbourhood. "I knew they were going to raise the EI contributions that we have to make. So if you've got four or five employees, like for myself, that adds up. Put that over a year, that's a huge amount of money that I still have to pay for. It's lowered my bottom line. As reported in the news.
@t employment insurance premiums, calgary herald