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Apprentices and tradespeople get a boost
By Allan Bruce, International Rep Local 115 is involved with many organizations that provide direct and indirect benefits to the membership. The Canadian Apprenticeship Forum (CAF) is a not-for-profit organization that promotes and supports the apprenticeship training and education systems in Canada. The CAF includes representatives of business, labour, Inter-provincial Alliance of Apprenticeship Board chairs, educators, persons with disabilities, women, visible minorities and Aboriginal persons. As well, the Canadian Council of Directors of Apprenticeship and Human Resources and Skills Development Canada are participants. The International Union of Operating Engineers is represented on the Board of Directors of the CAF as part of the labour constituency. More information about the Canadian Apprenticeship Forum Three initiatives that the Canadian Apprenticeship Forum consulted on: Apprenticeship Incentive Grant The Apprenticeship Incentive Grant is a taxable cash grant available to registered apprentices once they have successfully completed their first or second year (level) of an apprenticeship program in one of the Red Seal trades. It helps cover some of the tuition, travel and tool costs, and encourages apprentices to complete their apprenticeship program and get their Red Seal endorsement which allows them to apply their skills and knowledge anywhere in Canada. The new grant also encourages apprenticeship stakeholders to continue to support apprenticeships. More information about the Apprenticeship Incentive Grant Job Creation Tax Credit The Job Creation Tax Credit is a non-refundable tax credit. It is available to any business that hires an eligible apprentice who is working in a prescribed trade and is in the first two years of his or her apprenticeship contract. Apprentices must be registered with a federal, provincial or territorial government under an apprenticeship program designed to certify or license individuals in the trade, and they must be employed after May 1, 2006. The tax credit is equal to 10% of eligible salaries and wages payable to eligible apprentices. Employers are allowed a maximum $2,000 per year per eligible apprentice tax credit. More information about the Job Creation Tax Credit Tradesperson’s Tools Deduction The Tradesperson’s Tools Deduction is an annual deduction of up to $500 for all tradespeople to help cover the cost of new tools. To claim the deduction, the total cost of the tools must exceed $1,000; tools must be bought after May 1, 2006; the purchase of the tools must be made by an employed tradesperson; and the deduction applies to “eligible tools” that were bought solely for use in the tradesperson’s job (this includes a toolbox, for example), and were not used for any purpose before they were bought. For example, electronic data processing equipment used to measure, locate, or calculate is an eligible deduction while an electronic communication device (i.e. a cell phone) is not eligible. The deduction can be claimed on line 229 of your income tax return. More information about the Tradesperson’s Tools Deduction |
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