In today’s competitive economy, training is critical to the success of a business. But training can be expensive. Financially, OYAP participation can be beneficial to your business:
|Through OYAP, employers are provided with the opportunity to assess students before committing to employment or apprenticeship.|
|WSIB coverage is provided by the Ministry of Education during the contract as long as the student is not paid a wage.|
|OYAP provides employers with information on where to access wage subsidies to assist with the initial hiring costs of OYAP graduates and summer students.|
There are also a number of financial assistance programs to encourage and support employers in taking on apprentices. They include:
Apprenticeship Job Creation Tax Credit (AJCTC) – Employers can claim up to $2000/year for the wages of each eligible apprentice.
Apprenticeship Training Tax Credit (ATTC) – Employers can claim up to $10,000 per apprentice for wages in the first 48 months of their apprenticeship program.