Training Tax Credit for Employers: Enhanced Tax Credit
$6,000.00
Tax Credit
Description:
The Training Tax Credit provides refundable income tax credits for employers who employ apprentices enrolled in apprenticeship programs administered through the SkilledTradesBC.
An Enhanced Tax Credit is available to employers of First Nations individuals and persons with disabilities that are entitled to a basic or completion tax credit, or that have received the federal apprenticeship job creation tax credit for the year.
Comments on Funding:
The Enhanced Tax credit for the:
– Basic tax credit is 50% of basic tax credit up to $2,000; total maximum tax credit is up to $6,000;
– Completion tax credit level 3 is 50% of completion tax credit for level 3 up to $1,250; total maximum tax credit is up to $3,750;
– Completion tax credit level 4 is 50% of completion tax credit for level 4 up to $1,500; total maximum tax credit is up to $4,500;
– Federal apprenticeship job creation Tax credit is 5.5% of eligible salary and wages paid up to $1,000.
Continuous Intake
Eligibility:
Applicants must be employers of First Nations individuals and persons with disabilities, who:
1. are entitled to a basic or completion tax credit, or
2. have received the federal apprenticeship job creation tax credit for the year.
Application Steps:
1. Applicants can claim more than one credit in a year for an employee, provided the employee meets the requirements for each level in the year;
2. Corporations can claim these credits by completing Schedule 428, British Columbia Training Tax Credit and submitting it with their T2 Corporation Income Tax Return;
3. Individual employers can claim these credits by completing British Columbia Training Tax Credit (Employers) form (T1014-1) and submitting it with their T1 Individual Income Tax Return.
Documentation Needed:
Applicants must provide:
1. a copy of their employees’ Certificate of Indian Status card, if a First Nations individual;
2. proof of entitlement, if their employee is a person with disabilities.
Other Things to Note:
About the author
Maurice
