Apprenticeship Job Creation Tax Credit

By mmuise
Description:

The Apprenticeship Job Creation Tax Credit is a non-refundable tax credit equal to 10% of the eligible salaries and wages payable to eligible apprentices in respect of employment after May 1, 2006.


Comments on Funding:

Funding is 10% of the eligible salaries and wages payable to eligible apprentices.
The maximum credit an employer can claim is $2,000 per year for each eligible apprentice.

Deadline: Rolling deadline
Eligibility:

Eligible Interns must work in a prescribed trade (listed under Red Seal Trades) in the first two years of their apprenticeship contract.
This contract must be registered with a federal, provincial, or territorial government under an apprenticeship program designed to certify or license individuals in the trade.

Application Steps:

The applicant must claim this tax on its individual income tax return, on line 41200 (41200 was line 412 before tax year 2019) – Investment tax credit, by filing form T2038(IND), Investment Tax Credit (Individuals).

Any unused credit may be carried back 3 years and carried forward 20 years.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

Date modified: 2023-06-12

About the author
mmuise