How to Receive up to $3000 in Tax Credits for Hiring a Co-op Student
Did you know that businesses in Ontario are able to receive up to $3000 in tax credits to help with the hiring of a post-secondary co-op student? The Ontario Ministry of Revenue provides businesses with a tax credit for up to $2000 and small businesses with a tax credit of up to $3000. The size of the tax credit depends on the wage of the co-op student, who must be hired for a minimum of 10 weeks.
Create an Employee Development Program
Small businesses can foster talent via the Ontario Co-operative Education Tax Credit, which will assist them with financing the co-op student’s wage. By combining this with the Small Business Internship Program (SBIP), small businesses are able to develop students and integrate them into the company as full-time employees upon graduation with additional funding assistance. In fact, the author of this blog post was hired with the help of SBIP, after completing a marketing co-op program at the University of Guelph.
If you would like more information about the Ontario Co-operative Education Tax Credit, or are interested on starting the application project now, please contact us directly. Alternatively, you can access information provided by the Ontario Ministry of Revenue. And be sure to evaluate the opportunity of combining this tax credit with the SBIP, by reading Mentor Works’ experience with hiring a graduate via SBIP.