What are Training Incentives for Employers?
In Canada, the government offers employers training incentives, such as tax credits and grants, so as to offset the costs invested in preparing their workforce to have the skills and competencies needed for their company, industry and economy of tomorrow.
How Far Back and/or Forward can Training Incentives for Employers Recovery Go?
The retroactive period for training tax credits can be up to 4 years, whereas grant funding is awarded on a go-forward basis for Third-party training that is eligible, delivered, and completed within 52 weeks.
How Often Should We Complete a Training Incentives Recovery?
Unlike other recovery programs, a training incentives recovery program should be an on-going process. The reason is that company training needs and government training incentive programs change rapidly and need to be monitored and aligned. Therefore, having continuous visibility and alignment in both is a proactive approach to making sure that invested costs are recovered retroactively, and future funding is secured in a timely manner.
What do I need for an Employer Training Incentives Recovery?
Once prequalified for an Employer Training Incentives Recovery, companies provide our consultants the authorization to review accounting and financial records, training programs, payroll records, and collect information from the training participants, unions, training institutions, and industry training authorities as required.
Why Should I do an Employer Training Incentives Recovery?
The benefit of conducting an Employer Training Incentives Recovery is that it enables eligible employers to achieve two (2) simple objectives and that is to recover invested costs in training retroactively and/or to secure maximized funding to offset future training costs.
How PMBA Can Help
PM Business Advisors are the experts in Employer Training Incentives Recovery with a proven Training Incentives Recovery System which addresses the challenges employers experience daily with these incentives. Our system manages the compliance aspect, assumes the managerial burden, and ensures optimization through the effective and efficient management of document sourcing, full claim/application preparation, and audit support.