Date: January 18th 2007

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The Apprenticeship Training Tax Credits

The Federal and Ontario governments are committed to increasing the number of apprenticeships, helping to ensure that the country has skilled workers in a multitude of industries for years to come.

Ontario Government

The Ontario Apprenticeship Training Tax Credit, introduced in 2004, is a refundable tax credit (cash refund) that applies to eligible expenditures incurred after May 18, 2004 in hiring qualifying apprentices in eligible skilled trades.

In Ontario, corporations are eligible for 25% or up to $5000 (30% in the case of corporations with payroll not exceeding $400,000) of refundable tax credits on wages and salaries paid for services performed after May 18, 2004, by an eligible apprentice during the first 36 months of an apprenticeship.

Federal Government

As of May 1, 2006 the Federal Government introduced a non refundable Apprenticeship Job Creation Tax Credit, which allows a company to claim up to 10% or $2000 of an eligible apprentice’s salary and wages payable for their first 24 months of an apprenticeship designed to certify or license individuals in their respective trade.

As an example, if your company has two full-time apprentices on staff, your annual refundable tax credit may be as much as $14,000!

If you believe your company may qualify for this Tax Credit, contact Christopher Bodnar to learn more about this and other programs that can assist you in recovering costs incurred in operating your business at cbodnar@rdpassociates.com or 416-725-0458.

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