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- 2009-04-03
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Greetings!
In the budget that was presented in Ontario last week, enhancements to the Co-operative Education Tax Credit were presented. Here is an extract from the budget document:
Supporting Skills and Knowledge
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.
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