Tax Benefits Small Business Owners Can Claim | Apr 22, 2020
We know that local business owners are the backbone of Canada’s economy. That’s why we successfully reduced red tape and made it more affordable for businesses to hire more workers. The Liberal government has since renamed and expanded the benefit.
Here is a list of some tax benefits that you can claim:
Canada Workers Benefit:
This benefit, introduced by the previous Conservative government in 2007, is a refundable tax credit that supplements the earnings of low-income workers to ensure they aren’t penalized for getting a job.
For those low-income working Canadians with a disability who face even larger barriers to workforce participation, the Working Income Tax Benefit (WITB) provides an additional supplement.
Canada Employment Amount:
The Canada Employment Amount provides most employees of the public and private sector (excluding the self-employed) with help to offset the cost of work-related expenses such as home computers, uniforms and supplies. If you qualify for this amount, you can claim up to $1,222 on your 2019 tax return.
Apprenticeship Job Creation Tax Credit:
Employers who employ an eligible apprentice in a skilled trade in the first two years of an apprenticeship contract (registered with the federal, provincial, or territorial government) can be eligible to receive a non-refundable tax credit equivalent to 10% of the salaries and wages paid to the apprentice. Introduced by the previous Conservative government, this can translate into tax savings for an employer of up to $2,000 per eligible apprentice.