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Canadian Tax Credits and Business Funding Grants for Hiring Apprentices

• As mentioned by one of our previous articles regarding the recent allocation of Canadian Government Funding to Skills Canada, the Federal and Provincial Governments provide significant amounts of funding to encourage young Canadians to pursue successful careers in skilled trades. In addition to these programs, the Canadian Government also provides funding for small business in Ontario to encourage the hiring of young apprentices in certain high demand trades.

  Canadian Government Grants and Tax Credits for Hiring Apprentices in Red Seal Trades

  Ontario Businesses looking to hire and train a new apprentice in a specialized skilled trade, may be interested in filing for one of the following government grants and tax credit programs:

  • Ontario Apprenticeship Training Tax Credit (OATTC) – A provincial refundable tax credit equal to 35% – 45% of the salaries and wages for a qualifying apprentice or $10K per year to a max of $40K over the first 4 years of applicable apprenticeships.
  • Federal Apprenticeship Job Creation Tax Credit (AJCTC) – A federal non-refundable tax credit equal to 10% of the salaries and wages for a qualifying apprentice to a max of $2K per year for each eligible apprentice.
  • Apprenticeship Employer Signing Bonus – A program providing $2K in non-repayable government grants for registering a new apprentice in a sectors with high demand for skilled trade workers.
  • Employer Bonus Program – A program providing $1K in non-repayable government grants for employers whose apprentices complete an apprenticeship program in any trade or occupation.

  These programs may only be applicable to certain red seal trades, for more information please consult with Employment Ontario directly.

  Looking for More Information on Apprenticeship Tax Credits?

  Try one of these options below:

  

  Learn More About Canadian Government Funding for Small Business

  Mentor Works Ltd. is an Ontario-based organization that provides Canadian Government funding advice and support to Canadian SMEs, primarily in the manufacturing and exporting industries. To learn more about the Canadian Government Funding Programs which might be applicable to you, sign up for one of our 60 Minute Canadian Government Funding Workshops or contact our team of Government Funding for Small Business Specialists. Our team also posts regular up-dates regarding low-interest loans and small business funding on our Weekly Canadian Government Funding E-Newsletter.

  
  
  October 18th, 2012 | Mike Pearce | No Comments | Tags: Apprenticeship Employer Signing Bonus, Apprenticeship Incentive Grant Program, Apprenticeship Job Creation Tax Credit, Apprenticeship Training Tax Credit, Tax Credits, Wage Subsidies