Small business owners throughout Canada are becoming more confident in the nation's economy as well as their own financial conditions, and this is welcome news for a country that was hit hard the recession. As improvement continues, developing companies are expected to steadily boost their hiring efforts and bring on additional employees to help with expansion, further product and service development and a variety of other aspects. Adding these new staff members requires paperwork, training and getting workers up to speed on operations. To reduce the related stress of hiring, firms can use payroll software to ensure that all information is accurate and employees are paid their correct wages. These platforms also follow all Canadian payroll compliance regulations, giving businesses the assurance they are not violating any laws.
Hiring levels set to increase
According to HR Reporter, the latest research from the Canadian Federation of Independent Businesses (CFIB) found that there is a strong level of optimism among the northern nation's small businesses. Of the companies surveyed, 27 percent stated they plan on hiring new employees in 2013, which is the highest figure since the economic recession ended, the source notes. Forty-four percent of businesses rated their firms to be in "good" shape - another high post-recession level.
Several provinces are more optimistic than others, including Alberta, Newfoundland and Saskatchewan. Overall, all provinces except British Columbia saw boosts in small business optimism levels, the source reports.
"After a lacklustre November and December, small business owners across Canada are starting to feel more optimistic about the future," said Ted Mallett, CFIB's chief economist and vice president. "While it's too soon to make any conclusions about 2013, the latest survey results are very encouraging."
Government offers tax hiring credit for small businesses
To further boost small business hiring throughout the nation, the Canadian government is offering a tax credit of up to $1,000 for each new employee whom companies hire. The Hiring Credit for Small Business (HCSB) gives firms breaks for Employment Insurance (EI) premiums, as these required payments will be increasing by $1,000 this year. The credits are automatically deposited to businesses' payroll accounts, and they were created to further spur job growth among developing companies.
To keep track of additional staff members and make sure all numbers, figures, wages and finances are accurate, companies can use payroll technology to facilitate this task and make processes more streamlined.