The IEC Catalyst , June 2010 |
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Incentives for hiring apprentices
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Employers who hire apprentices are development agents helping to ensure there will be abundant workforce in their respective sectors. Recognizing this, the government of Ontario offers different incentives for employers who hire apprentices. Here is the list of some of the incentives asimproved in 2010.
- Apprenticeship Job Creation Tax Credit- Up to $2000/year for first 2 years of an apprenticeship
- Apprenticeship Scholarship Signing Bonus- Employer who hires eligible apprentice (under 25 years of age; returned to school to complete credits necessary for apprenticeship and found employer within 1 year) may receive 2 subsidies of $1000 each (1 immediately and 1 six months later
- Apprenticeship Training Tax Credit- Taxable tax credit: employers can receive 35%-45% of apprentice’s wages, benefits, etc. up to $10,000/year for first 4 years of the apprenticeship
- Co-operative Education Tax Credit- A refundable tax credit ($3,000.00 max per student per work term) available to employers operating unincorporated businesses who hire students enrolled in university/college co-operative education
- OYAP: Ontario Youth Apprenticeship Program- Employers can have students as an apprentice while they are still in high school (as early as Grade 11). OYAP students are exempt from ratio while on placement.
- Tradesperson Tool Deduction- Apprentices and Journeypersons can write off ½ of their yearly
tool purchases which total up to $1000 (write off up to $500.00).
To learn more about the benefiting of starting apprenticeship program at your workplace, click here
Source: apprenticesearch.com
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Welcome to The IEC Catalyst, our quarterly newsletter. |
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