Hiring an apprentice can connect you with an employee that has knowledge of cutting-edge technologies and concepts to help your business stay competitive. Government knows apprenticeship is important for our economy and provides incentives to offset the costs of apprenticeship. Here are opportunities for the employer and individual apprentices:
- Apprenticeship Wage Subsidy Program - This program provides wage subsidies to participating apprentices based on their years of experience: 90 per cent for first year apprentices; 80 percent for the second year; and 60 per cent for third and fourth-year apprentices.
- Apprenticeship Job Creation Tax Credit (AJCTC) - If you hire an eligible apprentice, you can claim this non-refundable tax credit equal to 10 per cent of the eligible salaries and wages payable to the apprentice in respect to employment after May 1, 2006. The maximum credit is $2,000 per year for each apprentice.