3 things you need to know about apprenticeship grants for employers!

Do you hire apprentices? If yes, did you know there are specific grants and credits you could receive just for doing that?

Here are 3 things you need to know about apprenticeship hiring credits.

1. What are the grants and credits?

Apprenticeship Job Creation Tax Credit

– This is a non-refundable investment tax credit equal to 10% of eligible salaries and wages
– An employer can claim up to $2,000 a year per eligible apprentice

Certain provinces also offer provincial support for employers. Please contact EVAMAX for more information regarding types of apprenticeship grants.

Ontario Apprenticeship Training Tax Credit

– Employers can claim up to 25% of eligible expenditures and 30% of expenditures for small businesses
– The maximum credit an employer can receive for each apprenticeship is $5,000 a year

B.C. Training Tax Credit

– This program offers refundable income tax credits for businesses that employ apprentices

– Sole proprietors, partnerships and corporations are all eligible for this tax credit

– There are three main elements:

     o Basic credit for up to $4,000 for the first 24 months of non-Red Seal training programs
     o Completion credit for between $2,500 and $3,000 for higher levels of Red Seal and non-Red Seal training programs
     o Enhanced Credit for up to $2,000 for First Nations individuals and people with disabilities

Apprentices themselves too can also apply for grants while they finish their training

Apprenticeship Incentive Grant

– This grant helps apprentices pay for their expenses while they train as an apprentice in a designated Red Seal trade
– The AIG is a taxable grant worth $1,000
– It is awarded to registered apprentices
– An apprentice can apply for this grant twice during their training

2. How can you assess your eligibility?

– You can see which grants apply to your business by following the eligibility criteria for all of the following grants:

     o Apprenticeship Job Creation Tax Credit
     o Apprenticeship Incentive Grant
     o BC Training Tax Credit
     o Ontario Apprenticeship Training Tax Credit

3. How can you apply?

– You can apply for these grants and credits as an employer as a part of your T2 Corporate Tax Filing.

– You can also find additional information here about the applications for each grant:

     o Apprenticeship Job Creation Tax Credit
     o Apprenticeship Incentive Grant
     o BC Training Tax Credit
     o Ontario Apprenticeship Training Tax Credit

o Ontario Apprenticeship Training Tax Credit

For any additional questions regarding grants and tax credits, please contact EVAMAX.

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