Business Finance
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Question Description

What kind of tax breaks exist for small businesses?

Final Answer

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

oIf 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.

-Computer capital Cost Allowance

oThis deduction allows businesses to claim 100% of computer costs (including systems software) purchased after January 27, 2009, and before midnight on January 31, 2011.

- Apprenticeship Job Creation Tax Credit

oAn 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.

-Investment Tax Credit for Child Care Spaces

oEmployers 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 employer.

-Small Business Deduction

oFor Canadian-controlled private corporations claiming the small business deduction, the net tax rate is 11%.

-Corporation Tax Rate Reduction

oThe corporation net tax rate decreases as follows: 18% effective January 1, 2010; 16.5% effective January 1, 2011; and 15% effective January 1, 2012.


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