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March 12, 2013

Tax Savings: Hiring An Apprentice, Intern and Student

The Federal and Provincial Government offer incentives to drive business in Canada.

From tax credits and start-up funds, businesses can direct their recruitment process, hire “extra sets of hands” during busy periods, and help Canadians develop the kind of work experience that will drive business forwards.  Ask QEDC to help you apply for any of these incentives.

Apprenticeship Incentives

There’s a great need to train Apprentices on specific skills. The food processing, auto parts and aerospace manufacturers stand to gain the most with the greatest shortage of skills in highly technical machinery and electrical skills.

  • Apprenticeship Job Creation Tax Credit – Canada. Create jobs for Apprentices and receive up to  $2,000 per year Federal tax credit to cover salaries and wages paid.
  • Ontario Apprenticeship Training Tax Credit. Create jobs for Apprentices and receive up to $10 000 per year Ontario tax credit to cover salaries and pay wages.
  • Not quite an apprenticeship, Community Employment Services:
encourages employers with subsidies to train youths out of school, out of work, and not currently in a training program.  You might create a loyal, dedicate, long-term employee.
  • Similarly, Futurpreneur Canada (formerly Canadian Youth Business Foundation)  encourages mentoring, educational resources and start-up financing assistance to aspiring young entrepreneurs in the form of a loan. This is a great way to encourage youth in your life to start a business in the Creative Economy (with low overheads) so that your company can offload key projects/skills without hiring extra staff.

Intern Incentives:

  • Co-Operative Education Tax Credit – Ontario. Here’s a tax credit of a maximum $1,000 per student for businesses hiring students enrolled in a recognized post-secondary co-operative education program.
  • Federal Government Summer Career Placements: Employers hiring students during the summer can have up to 50% of provincial minimum wage per hour covered.    Half-price students anyone?
  • Ontario Centres of Excellence Inc. This incentive seeks to foster knowledge transfer, commercialization, and training. Five sector-based centres and various programs are encouraged to strengthen research linkages between academia and industry.
  • Summer Jobs Service – Ontario: employers hiring students for seasonal jobs during the summer can receive wage support of $2/hr for up to 16 weeks. 
Tags: Labour

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