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Financing an Apprenticeship
Financing an Apprenticeship
Although an apprenticeship is a paid job there are some expenses, such as:
  • Registration fee (waived for OYAP students)
  • Tools of the trade
  • Tuition for the in-school sessions (usually at a college) that are a compulsory part of your apprenticeship.

The following resources are available to assist you with these costs where appropriate:

  • Apprenticeship Incentive Grant (AIG) - a taxable cash grant available to registered apprentices once they have successfully completed their first or second year (level) of an apprenticeship program in one of the Red Seal trades.
  • Loans for Tools program - offers new apprentices an interest free loan (for the duration of the training) to help them buy the tools and equipment they need to perform the trade in which they are registered.
  • Tax Deductions - The Canada Revenue Agency has a deduction that may be helpful for some apprenticeships; especially apprentice vehicle mechanics.

If you think that you might qualify, contact the Canada Revenue Agency and ask about the T2200 - Declaration of Conditions of Employment form.

More information about the Tradesperson’s Tools Deduction

 
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