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MONEY
EMPLOYERS
compiled by LISA MacCOLL, an Ontario-based financial writer
INCOME SOURCES FOR BUSINESS OWNERS
Good investments aren’t the only way to generate returns for clients. Here we look at alternate ways your entreprenurial clients can earn money.
Canada Job Grant
The federal program offers funding for business cli- ents so they can train new and existing employees.
How much is available:
Two-thirds of the cost of a training program is covered, up to $10,000. The funds can be used for tuition, books, software, mandatory student fees, exam fees and training provided by eligible third parties. Training programs include:
› trucking and transportation;
› carpentry;
› computer science;
› engineering; and
› other workplace skills.
Eligibility:
Any Canadian business or not-for-profit located in one of the partnered provinces that needs to train employees can apply. The employer must have a permanent job available for the employee at the end of the training, and training can’t exceed one year. There are a number of requirements that vary by province. In Ontario, for example, if the application is for training fewer than 25 employees, it must be submitted in a specific online format to a Canada-Ontario Job Grant service provider. If the application is for training more than 25 employees, the application must be submitted to the regional office closest to where the training will take place. Employers must provide full details about who is
being trained, how the program will benefit the company and whether employees will be paid. A full plan is required, including:
› course descriptions;
› details about the certification or designation
that’ll be obtained;
› allocation of hours;
› cost of supplies; and › method of training.
If training costs exceed $25,000, then employers must submit three different provider quotes. If the training is limited to a specific provider due to pro- prietary software or specialization, then a detailed explanation is required.
Cost to apply:
N/A
Advisor commitment:
Minimal. You’ll have to help the client cal- culate the future financial benefits to the company.
Where to apply:
Employers can apply through the provincial ministry. Forms vary by province. Employers must submit a separate form for each training course, and may have to submit additional forms if the grant is approved. There’s a link to each provincial ministry through the Employment and Social Development Canada website.
20 AE 05 2015
www.advisor.ca
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