Apprenticeship Training Tax Credit
In May of 2004, Ontario's Finance Minister announced that employers who take on apprentices will receive a $15,000 tax credit over three years. The Apprenticeship Training Tax Credit should provide all employers with the incentive to train young apprentices and "earn while they learn".
The refundable tax credit would reimburse most employers for 25% - 30% of the cost of wages for eligible apprenticeships. The 2004 Ontario Budget also states that the Province will provide new funding of $11.7 million annually by 2006-2007 to expand apprenticeship.
The Ontario government will also provide fifteen hundred (1,500) $1,000 scholarships annually for high school leavers who return to complete their high school credentials and enter apprenticeships, through funding of $million in 2004-2005, growing to $4.5 million annually by 2005-2006. This initiative also includes a $2,000 signing bonus for employers to encourage them to train these young people as apprentices.