Canada Revenue Agency has a tax refund that you may not know about or are not utilizing correctly. Since May 1, 2006 Canada Revenue Agency implemented the T2038. Which states that if you are an employer who has paid up to $20,000.00 for a maximum of 24 months, apprentices will qualify for a 10% tax credit. There is a maximum of $2000 tax savings for the business (employer) of all apprenticeship per year.
Provide your tax accountant the information via this chart below per year via email if you choose per employer since May 1, 2006.
Apprenticeship T2038
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Employee Name
Contract Apprenticeship Number
Social Insurance Number
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Name of Eligible Trade |
Eligible Salary & wages after any reimbursed
amount by alternate government programs.
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Please click here for the T2038 information provided by Canada Revenue Agency; Investment Tax Credit (individuals). Code 6 Apprenticeship job creation tax credit.