Apprenticeship Canadian Government Funding Program. The Apprenticeship Incentive Canadian government funding program encourages apprentices to begin and continue their training in a designated Red Seal trade. This government funding for business program helps cover expenses related to tuition, tools and travel. This Canadian taxable cash grant program is a taxable amount of $1,0. Red Seal trade, up to a maximum of $2,0. Who Can Apply For This Canadian Government Funding? To be eligible for these business funding tax credits, you must be: Registered in a designated Red Seal trade in the province or territory where you are a registered apprentice. Registered apprentice with an employer, training trust fund, joint apprenticeship training committee, union training centre, or apprenticeship authority. Out of high school.
The Apprenticeship Incentive Canadian government funding program. This government funding for business program. Registered Apprenticeship Program The Registered Apprenticeship Program (RAP) is an apprenticeship program for high school students. A Canadian citizen, protected person or permanent resident. Able to show progress within an eligible apprenticeship program by proving that you have completed either the first or second year/level after January 1, 2. Apprenticeship Grants. The Government of Canada provides up to $4,000 in federal. Further Funding for Small Business Through Grants, Loans, and Tax Credits. To be eligible for this funding for small business, people must apply prior to June 3. For more information on Canadian business funding mechanisms, please be sure to contact Mentor Works, the Canadian Government Funding Experts or attend a 6. Minute Funding for Small Business Workshop. Apprenticeship Training Tax Credit. The apprenticeship training tax credit is a refundable tax credit. It is available to employers who hire and train apprentices in certain skilled trades during the first 3. April 2. 4, 2. 01. For apprenticeship programs that commenced before April 2. March 2. 6, 2. 00. How much money could I receive? The tax credit is based on salaries and wages paid to an apprentice. Qualifying businesses can claim 2. April 2. 4, 2. 01. The maximum credit for each apprenticeship is $5,0. The maximum credit over the first 3. Eligible skilled trades. There are over 1. Ontario in four sectors: construction, industrial/manufacturing, motive power and service. Over 1. 20 of these trades are currently eligible for the tax credit. See the list of skilled trades. How do I determine the start/end date(s) of a qualifying apprenticeship? What is the eligible period for Ontario Youth Apprenticeship Program (OYAP) students retained as salaried apprentices after leaving high school and the completion of their OYAP program? Claiming the tax credit. Corporations may claim the tax credit on Schedule 5. T2 corporation income tax return. Employers operating unincorporated businesses may claim the tax credit on form ON4. Ontario Credits, included in their personal income tax return. Members of partnerships claim their share of the tax credit on their own corporate or personal tax returns. Limited partners cannot claim the tax credit. But, general partners of a limited partnership can claim their share of the tax credit. When an apprentice is registered for two separate trades simultaneously, can the business claim the credit for both trades? What do I do if I forgot to claim the tax credit? Note: It is important to file your return as a completed package. Incomplete returns generate delays in processing. Download Schedule 5. Ontario Apprenticeship Training Tax Credit (2. Canada Revenue Agency. Download form ON4. Ontario Credits from the Canada Revenue Agency. Get your General Income Tax and Benefit package from the Canada Revenue Agency. Get the Corporation Income Tax return, also known as the T2, from the Canada Revenue Agency. Supporting documents. Save your company's payroll records and the training agreement or contract of apprenticeship. You do not need to submit them with your tax return. But you will need to keep them should you be asked to provide documentation to support your tax credit claim. If you are unable to provide supporting documentation when requested, your claim may be rejected. Training agreement or contract of apprenticeship. The employer and apprentice must be participating in an apprenticeship program in which the training agreement or contract of apprenticeship has been registered under the Ontario College of Trades and Apprenticeship Act, 2. Act (i. e. Apprenticeship and Certification Act, 1. Trades Qualification and Apprenticeship Act) for each eligible apprenticeship. If an apprentice changes employers, the new employer and apprentice need to sign a new training agreement. Before signing this document, it is important that the employer request and obtain a copy of the original training agreement or contract of apprenticeship. These documents are used to substantiate claims and to verify the eligible apprenticeship period. If you have lost or misplaced the training agreement or contract of apprenticeship, please request a copy from the apprentice or the Ministry of Training, Colleges and Universities at 1 8. If you are not a party to the original training agreement or contract, you will need the apprentice to obtain this document on your behalf. Or, you may ask the apprentice to provide you with written permission to make this request. There are no substitutes for either document. What do I do if I am hiring an apprentice who was previously registered with another company or who is employed through a union or employment agency? More information about the tax credit. Three government bodies administer the tax credit. The Canada Revenue Agency (CRA) administers the tax credit on behalf of Ontario through the federal income tax system. The CRA provides administrative support related to filing claims such as forms distribution, verification and audit functions, and interpretations and rulings. The Ontario Ministry of Training, Colleges and Universities promotes the apprenticeship program to employers and the general public, and is responsible for registering eligible apprentices. For more information on hiring apprentices, call Employment Ontario at 1 8.
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