We solve serious CRA tax problems

Ontario Apprenticeship Tax Credit

Written by Sam Faris

Published on November 21, 2019

Last updated December 5, 2023

Table of Contents

    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

    Picture of Sam Faris

    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.

    Learn more about Sam Faris
    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.

    Testimonials

    Faris CPA | Toronto Tax Accountant
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    Peter J
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    I recently hired Faris CPA for a tax dispute with the CRA. Sam and his team were very professional and knowledgable in dealing with my concerns and tackled my issue head on. Their communication was particularly noteworthy as they answered all of my questions throughout the process in short time. Definitely recommended.
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    I recently had the pleasure of working with Mr. Fares from Fares CPA Firm, and I must say that the experience was exceptional. Mr. Fares demonstrated a high level of professionalism and expertise that is truly commendable.From the very beginning, Mr. Fares was incredibly attentive and responsive. He took the time to understand my specific needs and provided tailored advice that was both practical and insightful. His thorough understanding of the complexities of tax laws and financial regulations instilled confidence and trust.His proactive approach and attention to detail ensured that all aspects of my financial situation were meticulously handled. He was always available to answer questions and provided regular updates on the progress of my financial matters.I highly recommend Mr. Fares and his firm to anyone in need of top-notch accounting and financial services. Their professionalism, expertise, and commitment to excellence make them a standout choice in the industry.
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    Sam Farris is an exceptional CPA who provided outstanding service when I needed tax preparation assistance.What sets Sam apart is his ability to clearly explain complex tax laws and financial strategies in easy-to-understand terms. He took the time to educate me on the implications of different options so I could make fully informed decisions. His proactive approach identified opportunities for tax savings that I hadn't even considered.Sam is extremely responsive, accessible and genuinely cares about his clients' best interests. He made me feel like a priority and was always available to answer any questions I had, no matter how minor. The peace of mind this provides is priceless.
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    It was my pleasure to work with Sam Faris closely to resolve my tax issue with the CRA. Sam was efficient and resolved it to my satisfaction. Unlike other professionals that I dealt with regarding the same tax matter, whatever he promised, he delivered with the least time and with a reasonable fee. Thanks Sam for all your help.
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    Rob Miller
    1716489740
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    darshan siddique
    1715868946
    Sam is a kind man and gave me honest advice! Was very easy to get a consultation as well!
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    Luba A
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    Was very professional and fast with helping me file taxes that I have missed over the years. Highly recommend :)
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    Sam and his team helped me with filing my complicated corporate tax. He is very informative, and knowledgable and most importantly always available to answer your questions and concerns. He is very detailed and spent a lot of time preparing my tax file and fixing my previous accountant’s mistakes. I should also mention that his fee was very fair. Thank you so much Sam!
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    Had a meeting with Sam regarding my tax matter with the CRA. Sam was informative and provided an excellent advice to handle the situation.
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    CRA audited me based on net worth audit. This audit lasted almost 2 years. I suffered emotionally and financially as a result. Bringing Sam and his team into the picture was the best decision that I have ever made. Sam followed a very unique strategy which led to dropping the taxes to my satisfaction. Thanks Sam for all your hard work.
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    I wish I met Sam of Faris CPA many years ago. He would have saved me lots of money and kept me out of troubles with the CRA. His performance exceeded expectations. 10 stars
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