Financial supports your apprentices should know about!
We understand that financial challenges can be a roadblock for apprentices. By encouraging them to take advantage of the financial aids available to them, you’re not only helping them succeed but also empowering them to focus on their skills and growth without monetary distractions.
We are pleased to share with you several funding opportunities available for apprentices.
Key federal supports for apprentices:
- Canada Apprentice Loan:
Apprentices can receive up to $4,000 in interest-free loans for each period of technical training. This financial assistance can be used for tuition, tools, equipment, living expenses, and more.
- Apprenticeship Incentive and Completion Grants:
Federal grants up to $4,000 are available to motivate apprentices to finish their training in Red Seal trades, with specific amounts allocated at various apprenticeship stages.
- Employment Insurance (EI) for Apprentices:
Should an apprentice face unemployment during technical training, EI benefits can provide necessary financial support.
- Tax Deductions and Credits for Apprentices:
To reduce the financial load, the federal government offers tax credits and deductions for tools, tuition fees, and other educational expenses like textbooks.
You can find additional supports for apprentices that are specific to your province or territory:
- British Columbia
- New Brunswick
- Nova Scotia
- Prince Edward Island
- Newfoundland & Labrador
- Northwest Territories
By informing your apprentices about these supports, you’re helping them reach their goals and finish their apprenticeships. You’re also ensuring that the time and resources you invest in training them yield substantial returns.