Ontario Apprenticeship Tax Credit
The Apprenticeship Tax Credit is meant to lower the cost of training new skilled workers in certain industries. It is available for apprentices registered in the program after April 23, 2015. The operation of the credit results in:
- The general tax credit rate being reduced from 35% to 25%; and
- A rate reduction for small businesses with salaries and wages under $400,000 from 45% to 30%.
Additionally, the annual maximum per apprentice will be reduced from $10,000 to $5,000, and the eligibility period will be reduced from 48 to 36 months.
About the Author
Sam Faris
CPA, CGA, LPA, CPA (C.O.) (Expired), FACCA (U.K.)
Sam Faris, President of Faris CPA, is a Licensed Public Accountant in Ontario, with affiliations to CPA Ontario, CPA USA, and FACCA U.K. Since 2003, he's excelled in resolving CRA disputes and tax audits. His firm offers diverse services, from bookkeeping to corporate tax planning, serving a wide client base. Renowned for his formidable track record against the CRA, Sam is a committed advocate and expert in tax resolution.
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