Talent Opportunities Program — Student Work Placement Program
Highlights
This program is designed for businesses like yours that are looking to hire post-secondary students for work-integrated learning placements. By participating, you can receive a wage subsidy of up to $7,000 per student. This can significantly reduce your labor costs while bringing fresh talent into your organization.
Key Benefits:
- Up to 70% wage subsidy for hiring students from under-represented groups.
- Up to 50% wage subsidy for other eligible students.
- Maximum subsidy of $7,000 per student.
Why Apply?
- Financial Relief: Lower your hiring costs and invest savings back into your business.
- Talent Acquisition: Gain access to motivated and educated students who can bring new ideas and skills.
- Support Diversity: Encourage a diverse workforce by hiring from under-represented groups.
Applying is straightforward, and if approved, this funding can help you grow your business while supporting the next generation of professionals.
Financing Details
Type of Financing: Wage Subsidy
Repayment Terms and Interest Rates:
- This is a wage subsidy, so there are no repayment terms or interest rates. The funds provided do not need to be repaid.
Eligible Expenses:
- The subsidy can be used to cover up to 50% of the wages for each 'net new' student placement, up to a maximum of $5,000.
- For students from under-represented groups (Indigenous people, persons with disabilities, newcomers to Canada, first-year students, visible minorities, and women in STEM), the subsidy can cover up to 70% of the wages, up to a maximum of $7,000.
Use of Funds:
- Funds must be used to subsidize wages for post-secondary students on work-integrated learning (WIL) placements.
- The placements must be 'net new,' meaning they are additional to the number of students hired in the previous fiscal year.
Restrictions on Use of Funds:
- Funds cannot be used for any other expenses outside of wages for eligible student placements.
Fees:
- There are no fees associated with applying for or receiving this wage subsidy.
Qualifications
- Must be a registered Canadian business or not-for-profit organization.
- Business may be located anywhere in Canada.
- Must operate in any industry sector (excluding certain sectors listed below).
- Must hire post-secondary students on work-integrated learning (WIL) placements, such as cooperative education and internships.
- Placements must be ‘net new’ to qualify for funding.
- Students hired must be registered at a recognized Canadian college or university.
- Students must be enrolled in a program or course where a work placement is part of their study plan.
Students must be Canadian citizens, permanent residents, or persons to whom refugee protection has been conferred under the Immigration and Refugee Protection Act.
Disqualifications:
- Federal, provincial, territorial, or municipal governments.
- Organizations which are extensions of a federal, provincial, territorial, or municipal government (e.g., crown corporations, hospitals, public long-term care facilities, and post-secondary institutions).
- Members of the House of Commons and the Senate.
- Organizations that engage in partisan political activities.
- Major and other financial sector employers, including businesses that underwrite loans.
Description
This program offers your business a wage subsidy of up to $7,000 per student. This can help you hire post-secondary students for work-integrated learning placements like co-ops and internships.
You can receive up to 50% of the wages (up to $5,000) for each new placement. If you hire students from under-represented groups, you can get up to 70% of the wages (up to $7,000). These groups include Indigenous people, persons with disabilities, newcomers to Canada, first-year students, visible minorities, and women in STEM fields.
The funding is available for new placements, meaning you need to hire more students than you did in the previous fiscal year. This program is a great way to bring fresh talent into your business while reducing your hiring costs.
Program Steps
Create an Account: Visit the application portal and create an account using your business details.
Log In: Use your credentials to log in to the application portal.
Complete the Application Form: Fill out the online application form with accurate information about your business and the work-integrated learning (WIL) placements you are offering.
Prepare Documentation: Gather the necessary documents to support your application. These include:
- Proof of business registration
- Financial statements
- Job descriptions for the WIL placements
- Details of the students you intend to hire (e.g., resumes, enrollment verification from their educational institution)
- Previous year’s student hiring data (if applicable)
Upload Documentation: Upload the prepared documents to the application portal as required.
Review and Submit: Double-check all the information and documents for accuracy. Once verified, submit your application.
Conditional Approval: Wait for conditional approval from the program administrators. This may take some time due to high demand.
Sign Recipient Agreement: If your application is conditionally approved, sign the Recipient Agreement provided by the program.
Placement Confirmation: Confirm the hiring of eligible students and ensure they start their WIL placements as planned.
Report on Placements: Regularly report on the progress of the WIL placements as required by the program guidelines.
Receive Funding: Upon meeting all conditions and reporting requirements, receive the wage subsidy for the eligible WIL placements.
Following these steps will help ensure a smooth application process for the Talent Opportunities Program.
