Apprenticeship Tax Credits are available for salaries paid to eligible apprentices working under various trades programs.
Employers who hire apprentices registered in Red Seal programs are eligible to claim:
Tax credit for each apprentice who is in their first 24 months of apprenticeship for 10% of wages up a maximum of $2,000 per year.
Employers who hire apprentices registered in non-Red Seal programs are eligible to claim:
20% of wages up to a maximum of $4,000 per year for each apprentice, for the first 12 months of registration.
20% of wages up to a maximum of $4,000 per year for each apprentice, for the second 12 months of registration.
Completion Tax Credit Amounts for Red Seal and Non-Red Seal Programs are eligible to claim:
Level 3 Completion Tax Credits – Tax credit for 15% of wages paid during the last 12 months prior to completion of the level up to a maximum of $2,500.
Level 4 Completion Tax Credits – Tax credit for 15% of wages paid during the last 12 months prior to completion of the level up to a maximum of $3,000.
Provincial training tax credits provide refundable income tax credits for apprentices registered in Industry Training Authority (ITA) Red Seal and Non-Red Seal apprenticeship programs.
Do not miss out on the opportunity to claim these tax credits! Many clients who come to Argento CPA were unaware of these tax credits and in some cases, we have reduced a company’s corporate tax bill to zero!
Contact Argento CPA today and we will help claim these credits to minimize your corporate taxes.