How to receive $3K in Tax Credits for Hiring a Co-op Student

How to receive $3K in Tax Credits for Hiring a Co-op Student

Co-operative education options at Canadian colleges and universities are on the rise; this is good news for both students and employers. Many Canadian post-secondary institutions have a wide range of co-op programs that support a variety of industries. In fact, the University of Waterloo offers the world’s largest co-op program, growing over 58% in the…

SR&ED vs IRAP: An R&D Funding Comparison & Analysis

SR&ED vs IRAP: An R&D Funding Comparison & Analysis

Innovation has been identified by the Canadian government as an area of investment to fuel economic growth and prosperity. Thus, several research and development grants, loans, and tax credit are offered through the government to help promote innovation from Canadian-based corporations. It is important that Canadian SMEs understand the best application of various R&D funding…

Overview of Apprenticeship Programs and Tax Credits

Overview of Apprenticeship Programs and Tax Credits

Mentor Works connects with many businesses that have questions about hiring an apprentice. We appreciate that the process of hiring an apprentice can appear to be complicated. For this reason we have endeavoured to provide you with the information you need to know and a clear process to follow. Ontario Apprenticeship Programs Overview The Province…

The Ontario Interactive Digital Media Tax Credit (OIDMTC)

The Ontario Interactive Digital Media Tax Credit (OIDMTC)

The Ontario Interactive Digital Media Tax Credit (OIDMTC) is a refundable tax credit administered by the Ontario Media Development Corporation (OMDC) and The Canada Revenue Agency (CRA). The tax credit is based on eligible Ontario labour, marketing, and distribution expenses and can be claimed by a qualifying interactive digital media company. OMDC also offers a…

Free Canadian Government Funding & Tax Workshop:  April 17th & 30th

Free Canadian Government Funding & Tax Workshop: April 17th & 30th

Small and medium-sized businesses in Burlington, Ontario and the surrounding area are invited to visit a Free Canadian Government Funding & Tax Minimization Strategy Workshop co-hosted by Mentor Works Ltd; the Canadian government funding experts, and Richter LLP, professional tax, audit, and risk management consultants. Canadian Government Funding Workshop for Small and Medium-sized Businesses Funding…

Funding for Small Business: The Apprenticeship Training Tax Credit (ATTC)

Funding for Small Business: The Apprenticeship Training Tax Credit (ATTC)

This Canadian government funding for small business tax credit is a refundable tax credit available to employers who hire and train apprentices in certain skilled trades.  The business tax credit is administered by the Canada Revenue Agency (CRA) through the federal tax system on behalf of the province of Ontario.   Amount of Tax Credit…

Ontario Apprenticeship Training Tax Credit for IT Roles

The Apprenticeship Training Tax Credit (ATTC) is a refundable tax credit for Canadian businesses employing apprentices in certain skilled trades. Many businesses are surprised to hear the potential applications of these tax credits for Information Technology (IT) positions within their organizations. This article looks to provide some additional information on the IT related positions which…

What is SR&ED? The Canadian R&D Tax Credit

In today’s business culture, technological innovation and rapid global expansion are driving businesses to invest more in research and development activities to give their organizations a competitive edge. The Canadian Government has recognized the importance of scientific research and experimental development (SR&ED) and has since released the SR&ED Investment Tax Credit (ITC). Canada Revenue Agency…

Ontario Production Services Tax Credit

The Ontario Production Services Tax Credit (OPSTC) is a refundable tax credit for small businesses across the Canadian province of Ontario. OPSTC applies to eligible expenses of domestic or foreign film and television production corporations. Please note that corporations cannot claim this tax credit if the Ontario Film and Television Tax Credit was claimed for the same…

Ontario Research and Development Tax Credit (ORDTC) for SR&ED Activities

UPDATE: For the most up to date information on this program, please visit the Ontario Scientific Research and Experimental Development (SR&ED) Tax Credit Programs page. The majority of research and development projects some degree of risk and moderate expense for the organizations conducting them. Nevertheless, R&D activities have become increasingly necessary, as global market competition…