Skilled trades are irrefutably important to the success and functionality of the multiple Canadian business sectors. Thus, the Canadian Government offers a significant amount of funding for small business to hire and train apprentices in a recognized Ontario trade.
Ontario Government Funding Benefits for Employers
Employers who have been certified to train an apprentice in a specific trade are able to hire and train an enthusiastic and skilled individual while receiving Canadian Government Funding and tax incentives:
- Apprenticeship Job Creation Tax Credit: Up to $2000 per year for the first 2 years of an apprenticeship.
- Apprenticeship Employer Signing Bonus (AESB): Employers can receive a business funding grant of up to $2000 for registering their business to hire and train apprentices according to Employment Ontario’s Job Matching, Placements & Incentives Program.
- Apprenticeship Training Tax Credit: Businesses can receive up to $40K or 35-45% of the apprentice’s wages and benefits for the first four years of an apprenticeship (10K/year).
Canadian Government Funding Incentives for Apprentices
The Canadian Government is also focusing their funding towards attracting skilled and enthusiastic individuals by providing several Ontario Government funding programs for those who are willing to undertake a skilled apprenticeship:
- Apprenticeship Incentive Grant: A $2000 Canadian Government grant for completing level 1 and 2 of the schooling block for a red seal trade.
- Apprenticeship Completion Grant: Another $2000 cash grant for completing the entire apprenticeship.
- Apprenticeship Scholarship: Up to $1000 for those who are required by their employers to undertake additional academic training in order to participate in a specific trade.
- Loans for Tools: Apprentices can receive an $800 interest free loan to purchase the tools required to undertake their apprenticeship.
- Trades Person Tool Deduction: Apprentices and Journeypersons can deduct half of their yearly tool purchases up to $500 per year.
Hiring and Training Skilled Trades People
Employers that are interested in registering and training an apprentice in a recognized skilled trade can take advantage of the various programs and services for hiring skilled trades people in Ontario. One of the most useful services for finding skilled workers is Employment Ontario’s Apprentice Search Database.
Businesses who are interested in receiving additional advice and support towards the available Canadian Government Funding Programs for Hiring can contact one of our Ontario Government Funding Experts or attending one of our Free 60 Minute Informational Seminars on Government Grants for Small Business. Our followers can also keep up-to-date with the latest small business funding grants by signing up for our Weekly E-Newsletter or following us on Twitter.