The news item on enhancements to the Ontario Apprenticeship Training Tax Credit (ATTC) appearing on March 26 is in fact not a new program, nor is it restricted to the autobody trade. However, we have also learned that the changes are not widely known.
AutoServiceWorld.com has learned that the ATTC is a refundable tax credit available to businesses on the salaries and wages paid to eligible apprentices in designated construction, industrial, motive power and service trades.
The credit amount increase from $5000 to $10,000 was announced March 26, 2009 as part of the Ontario budget. Changes included:
* increase the 25 per cent ATTC rate to 35% and the enhanced 30% rate for small businesses to 45 per cent;
* increase the $5,000 annual maximum tax credit to $10,000;
* extend the ATTC to salaries and wages paid during the first 48 months of an apprenticeship program; and