A new provincial fiscal year is upon us, and with it come budget changes that may affect your business!
Here are some of the highlights:
- An increase to the on-the-job tax credit (Programme apprentissage en milieu de travail) from 24% to 32% for certain employees, as well as an increase to the weekly limit for training expenditures.
- The introduction of a refundable tax credit to encourage qualifying training for workers employees in SMBs:
- a tax credit of 30% of eligible expenditures, up to $5,460 a year for each eligible employee who participates in eligible training,
- eligible corporations with payroll less than $7 million,
- for employees working more than 26 hours per week and are in supervisory positions,
- training must be taken by an eligible employee through a recognized educational institution.
If you have any questions, please do not hesitate to contact us.