If you have apprentices working for you, then you should be taking advantage of the apprenticeship job creation tax credit. (Apprentice Tax Credit)
An investment tax credit can be claimed on eligible salaries paid to eligible apprentices. The credit is equivalent to 10% of salaries and wages paid to that individual, to a maximum of $2,000 per year, per apprentice.
For corporations, the apprentice tax credit is claimed on the T2 Schedule 31. If you are self-employed, the credit is claimed on Form T2038. Any unused apprenticeship tax credits can be carried back 3 years or forward 20 years.
If you would like more information or have any questions, feel free to contact us at 780.466.6204, or click here to send us an email.
Thanks to Stephanie Kwan of KWB Chartered Accountants for providing this content.
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