Co-op Graduates Hiring Incentive
Highlights
This program is perfect for your business because it offers financial incentives to hire students and graduates from co-operative education programs. By participating, you can claim 15% of wages and salaries, up to a maximum of $5,000 per student. This can significantly reduce your payroll costs while bringing fresh talent into your company.
Key Benefits:
- Financial Savings: Claim up to $5,000 per student hired.
- Talent Acquisition: Access to skilled students and graduates ready to contribute.
- Government-Backed: Fully refundable tax credits, ensuring you get the support you need.
Applying is straightforward, and qualifying is easy since your business already meets the criteria. This program not only helps you financially but also connects you with motivated individuals who can drive your business forward.
Financing Details
Type of Financing: Tax Credit
Repayment Terms and Interest Rates:
- This is a fully refundable tax credit. There are no repayment terms or interest rates associated with this financing.
Eligible Expenses:
- Wages and salaries for students hired as part of a registered co-operative education program.
- Employers can claim 15% of these wages and salaries, up to a maximum of $5,000 per student.
Use of Funds:
- The funds can be used to cover wages and salaries for students and graduates from registered co-operative education programs.
Restrictions:
- The funds cannot be used for any expenses other than wages and salaries for eligible students and graduates.
Fees:
- There are no fees associated with this tax credit program.
Qualifications
- Must be a taxable corporation or an exempt corporate entity.
- Unincorporated employers may claim the refundable credit on the individual income tax return.
- Must hire students or graduates from registered co-operative education programs.
- Must be operating in Manitoba.
Can claim 15% of wages and salaries, up to a maximum of $5,000 per student.
Disqualifications:
- Crown corporations.
- Other provincial government entities.
Description
This program offers you a valuable opportunity to gain financial benefits for hiring students and graduates from registered co-operative education programs.
You can claim 15% of the wages and salaries you pay to these students, up to a maximum of $5,000 per student. This applies to both current students and recent graduates. The money you receive can be used to cover the costs of their employment, making it easier for you to bring fresh talent into your business.
The credit is fully refundable, meaning you will get the money back even if your business does not owe any taxes. This is a great way to reduce your hiring costs and invest in the future of your business.
Program Steps
Gather Required Documentation: Prepare the following documents to complete your application:
- Business registration details
- Financial statements
- Proof of hiring co-op students or graduates
- Details of wages and salaries paid to co-op students or graduates
- Co-op Program Approval Application Form
Complete the Co-op Program Approval Application Form: Fill out the Co-op Program Approval Application Form accurately. Ensure all sections are completed and all required information is included.
Submit the Application Form: Send the completed application form along with the required documentation to the appropriate address:
- Post-Secondary Institutions Branch Advanced Education Division 400 – 800 Portage Avenue Winnipeg MB R3G 0N4
- Email: [email protected]
Contact Manitoba Tax Assistance Office: For information on how to claim the Paid Work Experience Tax Credit on your income tax, contact:
- Manitoba Finance Manitoba Tax Assistance Office 809-386 Broadway Winnipeg MB R3C 3R6
- Telephone: 204-948-2115 or 1-800-782-0771 (outside Winnipeg)
- Email: [email protected]
Review and Claim the Tax Credit: Once your application is approved, review the tax credit details and ensure you claim the 15% of wages and salaries paid to co-op students or graduates on your income tax return.