Pursuant to the Federal Budget tabled on March 29, 2012 employer-paid premiums for Group Accidental Death and Dismemberment (AD&D) insurance and for Group Critical Illness (CI) insurance are to be included in an employee’s income and thus become a taxable benefit if the premium relates to coverage after 2012. The changes are to apply to employees across Canada.
The 2013 Federal Budget proposes to expand and extend for another year the temporary Hiring Credit for Small Business. This temporary credit provides up to $1,000 against a small firm’s increase in its 2013 Employment Insurance (EI) premiums over those paid in 2012 to employers with total EI premiums of $15,000 or less in 2012. The Canada Revenue Agency (CRA) will continue to automatically calculate the Hiring Credit.