British Columbia Training Tax Credit

tag:blogger.com,1999:blog-8414181796915902782.post-52817024585126470922008-04-10T08:17:00.000-07:002008-04-10T08:27:57.000-07:00British Columbia Training Tax CreditCRA Tax Tips: Did you know... That the Government of British Columbia has introduced the <a href="http://www.sbr.gov.bc.ca/business/income_taxes/ttc">British Columbia Training Tax Credit</a> to attract people to apprenticeship programs, and to encourage those already enrolled to complete their program. This tax credit is available to both apprentices who were residents of British Columbia at the end of the year and employers of apprentices enrolled in a Red Seal or other program recognized by the Industry Training Authority who carried on a business in British Columbia during the year. <h3>Apprentices</h3> As an apprentice, you may qualify for up to $9,000 in tax credits as you progress through your training, and additional funding is available to qualified apprentices under the Enhanced Tax Credit. To claim the training tax credit, complete <a href="http://www.cra-arc.gc.ca/E/pbg/tf/t1014/README.html">Form T1014</a> and include it when filing your personal income tax return. <h3>Employers<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://bp2.blogger.com/_t6prfYfnxJM/R_4wuEEC1PI/AAAAAAAAeKA/FM8opb3FYVY/s1600-h/apprentice1.jpg"><img style="margin: 0pt 0pt 10px 10px; float: right; cursor: pointer;" src="http://bp2.blogger.com/_t6prfYfnxJM/R_4wuEEC1PI/AAAAAAAAeKA/FM8opb3FYVY/s200/apprentice1.jpg" alt="" id="BLOGGER_PHOTO_ID_5187637388700210418" border="0" /></a></h3> By employing an apprentice, you may qualify for up to $12,500 in tax credits as the apprentice progresses through training. Additional tax credits are available to employers through the Enhanced Tax Credit if the apprentice is eligible for the federal disability tax credit or is registered as an Indian under the Indian Act. Proprietors can claim the credit by completing <a href="http://www.cra-arc.gc.ca/E/pbg/tf/t1014-1/README.html">Form T1014-1</a> and including it when filing their personal income tax return. Corporations claiming the credit must complete <a href="http://www.cra-arc.gc.ca/E/pbg/tf/t2sch428/README.html">Schedule T2SCH428</a> and include it with their corporate income tax return. If you need help on your tax return or have questions on BC training tax credit, please contact a tax professional. As always, staff from YY Consulting Tax Services would love to hear from you. Vancouver Tax Accountanthttp://www.blogger.com/profile/04555062495662358497noreply@blogger.com