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Federal Finance Minister Joe Oliver announces the government\'s new Small Business Job Credit initiative during a news conference at a flooring shop in Toronto on Thursday, September 11 2014. Oliver says employment insurance premiums will be cut, reducing EI payroll taxes by nearly 15 per cent and saving businesses more than 50 million over the next two years. THE CANADIAN PRESS/Chris Young

A quick look at the new EI premiums cut for small businesses

TORONTO – Some facts about the new Small Business Job Credit:

— Ottawa to cut EI premiums paid by small businesses to $1.60 per $100 of insurable earnings for the years 2015 and 2016, down from $1.88 at present.

— Any business that pays employer EI premiums of $15,000 or less to automatically qualify for the credit.

— No need to apply for the credit, which will be deducted automatically by the Canada Revenue Agency.

— Ottawa estimates the credit will save small employers more than $550 million over the two years.

— Almost 90 per cent of all EI premium-paying businesses, or 780,000 companies in Canada, will receive the credit.

(The Canadian Press)

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