Co-operative Education Tax Credit
Description: The Co-operative Education Tax Credit (CETC) is a refundable tax credit that is available to employers who hire students enrolled in a co-operative education program at an Ontario university or college.
Funding Details: The CETC is a refundable credit of 25% (30% for small business) up to a maximum of $3,000. Most work placements are for a minimum employment period of 10 weeks up to a maximum of four months.
Eligible Expenditures: The CETC is based on salaries and wages paid to a student in a co-operative education work placement. Fees paid or payable to an employment agency for the work placement for services of a student carried out are also eligible.
Eligibility Requirements: An eligible employer includes all corporations or unincorporated businesses with permanent establishments in Ontario subject to Ontario corporate income tax or Ontario personal income tax. To qualify, a work placement must involve a student who is enrolled at an eligible educational institution and performs employment duties for an eligible employer under a qualifying co-operative education program that is offered by their school. The work placement must meet the following conditions:
- The placement has been developed or approved by the eligible educational institution
- The student must be engaged in productive work during the placement and not be just an observer
- The work placement is:
- not less than eight months or more than sixteen months, for a qualifying internship program or
- at least 10 weeks for all other qualifying co-operative education programs
- The student is paid for the work performed during the placement
- The employer supervises and evaluates the student's job performance during the placement and
- The educational institution monitors the student's progress in the work placement
How NorthBridge Will Assist With the Co-operative Education Tax Credit program and Other Funding Programs
NorthBridge has over 20 years of experience assisting companies with government funding programs. We will:
- Listen and discuss past, present and future project activities.
- Research and identify the appropriate and optimal government grant, tax incentive, loans, as well as private financing opportunities.
- Take a hands-on approach to the application process and address relevant program objectives and criteria.
- Become an in-house project manager for all types of government funding.
- Interview the key employees and ask specific questions in order to make the right funding decisions.
- Assist in writing the application and preparing all supporting documentation.
- Assist with government reporting requirements.
To arrange for a free, no obligation consultation with one of our government funding experts contact us at: firstname.lastname@example.org