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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.

pro-tip

Pro Tip

ACCESSING THE SMALL BUSINESS DEDUCTION IN YOUR BUSINESS

The Small Business Deduction gives businesses a tax deduction on the first $500,000 of income. This saves an eligible corporation around up to $50,000 in income taxes. There are a number of conditions that have to be met to be eligible for this deduction.

Testimonial

Sam Faris reduced the significant unreported income based on net worth audit to be nil. Sam’s approach in fighting these types of complex audits is unique and sophisticated. He found countless mistakes made by the auditor which were rectified when Sam appealed the audit decision. Instead of owing significant amount of taxes, Sam reduced it to zero. I highly recommend to hire Sam for this type of audits and any CRA problem.”

E.M., Ottawa
pro-tip

Pro Tip

ACCESSING THE SMALL BUSINESS DEDUCTION IN YOUR BUSINESS

The Small Business Deduction gives businesses a tax deduction on the first $500,000 of income. This saves an eligible corporation around up to $50,000 in income taxes. There are a number of conditions that have to be met to be eligible for this deduction.