2022 Tax Tips | March 10, 2022
Canada Workers Benefit: This benefit 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, this benefit 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 $1,257 on your 2021 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. This can translate into tax savings for an employer of up to $2,000 per eligible apprentice.