Niagara College has issued a document outlining how business owners can collect upwards of $3,000 in tax credits per employee by employing co-op and summer students.
Eligible expenses for co-op students (minimum 10-week term) include:
- All taxable income and taxable benefits reported by the employer on the students.
- T-4 slips. The student’s remuneration must be attributable to an Ontario permanent place of business.
- Any payments made to a personnel agency for the hiring of co-op students during the qualifying co-op work terms for the services of a student carried out primarily at an Ontario place of business.
- Any Government assistance received by the business in respect of the co-op work term (other than the tax credit itself) will reduce the amount of the expenses eligible for the credit.