Hiring Co-Ops

Here’s an interesting tidbit from the new proposed Ontario Budget: they’re going to be raising the Co-Operative Education tax credit fom 10% to 25% – which means that for a company in Ontario hiring coops, they’ll be able to get back up to $3000 per coop placement (up from the current $1000).

Enhancing the Co-operative Education Tax Credit
The Co-operative Education Tax Credit (CETC) is a refundable tax credit available to businesses that employ postsecondary students enrolled in qualifying co-operative education programs at eligible educational institutions. Currently, the CETC is a 10 per cent refundable tax credit (15 per cent for small businesses) on salaries and wages paid, to a maximum credit of $1,000 per work placement.

This Budget proposes enhancements to the CETC, effective for eligible expenditures incurred after March 26, 2009, that would:

increase the 10 per cent CETC rate to 25 per cent and the enhanced 15 per cent rate for small businesses to 30 per cent; and
increase the maximum tax credit available from $1,000 to $3,000 per work placement.

You can read the full documented budget here: http://www.fin.gov.on.ca/english/budget/ontariobudgets/2009/chpt3.html

And, for the requisite plug for my alma mater: to hire coops from the University of Waterloo contact the University of Waterloo Department of Co-operative Education and Career Services at: 1-877-928-2667 or at coop@uwaterloo.ca

Joseph

VP HCM Products at NetSuite and Founder of TribeHR and Lewis Media. Waterloo Region Enthusiast and active volunteer.

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