MISSISSAUGA, Ontario - The Ontario Ministry of Training Colleges and Universities (MTCU) recently announced that the list of trades eligible for the apprenticeship training tax credit has been expanded to include five new trades, including the 313d Residential Air Conditioning Systems Mechanic. The tax credit allows employers to claim up to $5,000 per year for a total of $15,000 over the first three years and to receive a 25 percent tax credit on salaries, wages, and benefits paid to apprentices after May 18, 2004 and before Jan. 1, 2011. Eligible apprentices must commence employment before Jan. 1, 2008.
The MTCU also announced the launch of the Apprenticeship Training Tax Credit brochure and online calculator. The brochure provides basic information on the tax credit while promoting apprenticeship. The online calculator allows employers to estimate the amount for which they could be eligible by hiring and training apprentices. Both these documents, as well as the link to Apprenticeship Training Tax Credit Bulletin, are available at www.ontario.ca/jobgrow.
Publication date: 08/28/2006