Applications open for hiring tax credit
Applications are now open online for the Increased Employment Incentive (IEI), which was announced as a part of StrongerBC: BC’s Economic Recovery Plan.
This credit sets aside up to $190 million for businesses that were able to hire new workers, hire back people who were let go or increase workers’ hours during the last three months of 2020.
“We consulted the business community last year about measures that would help them get back on their feet and build their confidence,” said Selina Robinson, Minister of Finance. “The Increased Employment Incentive supports businesses that invested in people during an uncertain time in the last few months of 2020 – investments that helped get people back to work quickly.”
With 2020 payrolls finalized, businesses will know if they are eligible for a credit that could equal up to 15% of any increase in total eligible payroll paid in the last quarter of 2020. The tax credit could be as much as $2,230 per employee.
“In B.C. we have provided the highest per capita support for businesses and people of any province in Canada,” said Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation. “This initiative is one of several programs we’ve rolled out to help businesses get through the pandemic and thrive over the long term while putting people back to work.”
The credit is available to all employers in B.C., except for public institutions and political parties. For employers required to pay the employer health tax (EHT), the credit will be first applied to any EHT outstanding and will be available as a refund to the extent the credit exceeds the amount of EHT or other debt owed to government.
Businesses that are registered and liable for EHT are encouraged to file their 2020 EHT return before applying for the IEI to ensure no delay in receiving the tax credit.
The IEI is one of several provincial supports to help businesses recover and respond to the unprecedented economic impact of the COVID-19 pandemic. Other supports include a provincial sales tax rebate on select machinery and equipment investments to help businesses adapt and grow, the Small and Medium Sized Business Recovery Grant, and grants to help businesses launch or upgrade online stores.
To learn more about the IEI, visit:
StrongerBC: BC’s Economic Recovery Plan: https://strongerbc.gov.bc.ca/supporting-bc-businesses
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