This program is designed for small business owners like you. It offers a unique opportunity to integrate post-secondary co-operative education students into your workforce. By participating, you can receive a wage subsidy for hiring students, which can significantly reduce your labor costs. This not only provides financial relief but also brings fresh, innovative ideas to your business.

Key Benefits:

• Up to $5,000 for every student you hire.
• Up to $7,000 for hiring first-year students or those from under-represented groups, including women in STEM, persons with disabilities, newcomers, and Indigenous students.

By being approved for this program, you gain access to motivated, educated students eager to contribute to your business. The application process is straightforward, ensuring you can quickly benefit from this valuable resource.

Type of Financing: Wage Subsidy

Repayment Terms and Interest Rates:

• There are no repayment terms or interest rates. This is a non-repayable subsidy.

Eligible Expenses:

• Wages for post-secondary students hired through the program.
• Up to $5,000 for each student hired.
• Up to $7,000 for each student hired who is in their first year or belongs to an under-represented group (e.g., women in STEM, persons with disabilities, newcomers, Indigenous students).

Ineligible Expenses:

• Funds cannot be used for non-wage expenses such as equipment, office supplies, or other operational costs.

Fees:

• There are no fees associated with this program.

This program offers your business a chance to receive up to $7,000 for each student you hire. If the student is in their first year or from an under-represented group, you can get the higher amount. For other students, you can receive up to $5,000.

The funds can be used to pay the student's wages, making it easier for you to bring in fresh talent without straining your budget. This is a great way to get extra help and new ideas while providing valuable work experience to students.

There are no payback requirements for this funding. It's a straightforward subsidy to help you support student employment and benefit from their contributions to your business.

1. Gather Required Documentation: Prepare the necessary documents to support your application. You will need:

   • Business Plan
   • Financial Statements (Balance Sheet, Income Statement)
   • Proof of Business Registration
   • Details of the intended use of funds (e.g., job descriptions, project outlines)

2. Complete the Application Form: Visit the Applications & Forms tab on the program's website to download and fill out the application form. Ensure all sections are completed accurately.

3. Submit the Application: Email the completed application form and supporting documents to [email protected] or your co-op office contact. Remember, applications and claims cannot be accepted by fax.

4. Await Review: Your application will be reviewed to ensure it meets eligibility criteria and that the proposed placement represents an appropriate work experience.

5. Respond to Follow-Up Inquiries: Be prepared to provide additional information or clarification if requested by the Co-operative Education Coordinator.

6. Receive Approval: Once your application is approved, you will receive confirmation and details about the wage subsidy and next steps.

7. Implement the Placement: Begin the process of hiring and integrating the co-operative education student into your business.

8. Submit Claims for Reimbursement: After the work term, submit the necessary claims for reimbursement as instructed by the program guidelines. Ensure all required documentation is included.

By following these steps, you can successfully apply for the program and benefit from the wage subsidy for hiring co-operative education students.