Why you should hire co-op students or apprentices in Ontario?
As a former co-operative education accounting student at Brock University, I benefited immensely from the experience gained on my work-terms. Accounting in the real world is different than the classroom. As well, the pay cheques were great as they helped pay for my tuition and books.
From an employer’s perspective, a student or an apprentice’s hourly rate is typically less than a full-time staff member’s hourly rate. Co-op employment is also seasonal so you can hire students at times when you are the busiest during the year to match up with your cash flows.
The other perk to hiring a co-op student or an apprentice is the refundable tax credit you could receive from the government. You can receive up to $3,000 per student per year while you can receive up to $10,000 per apprentice per year. As well, there is an apprenticeship job creation tax credit that can reduce taxable income (non-refundable). This applies to apprenticeships that are in their first 24 months, and you can claim a maximum of $2,000 per year per apprentice. These credits can result in some big tax savings for businesses especially skilled trades.
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