Over the last few weeks, many of the most popular and lucrative wage subsidies have re-launched and are now providing funding to Canadian small businesses. If your business is planning to hire new employees during the year, now is the best time create those employment opportunities because of your ability to receive Canadian government funding.
Youth post-secondary graduates can offer a significant benefit to your company, and better still, employers may be able to receive $14,000 to $20,000 in Canadian government grants to support the graduate’s wage. This funding typically supports the graduate’s wages for a 3-month to 12-month period and most hiring programs will cover up to half of the new employee’s wage.
Businesses should act quickly to apply for these funding programs since the total amount of funding available per year is limited and distributed on a first-come, first-serve basis. Hiring grants will be awarded through the summer, and in the past, funding is depleted by late summer or early fall of each year.
Who Should Apply and Who Should they Hire?
Considering if your business should access recent graduate hiring grants? Here’s what your company should know about hiring grants this year.
Focus Industries – Companies Most Likely to Receive Funding
Is your business operating in one of these industries? You are most likely to receive hiring grants if your organization is committed to serving the following industries:
- Agriculture;
- Aerospace;
- Apparel;
- Biotechnology;
- Food processing;
- Information and Communications Technology (ICT); and
- Sustainable energy.
Candidate Eligibility Requirements
Candidates recruited by employers should be:
- A new hire to the applicant business;
- A post-secondary graduate (college or university);
- Between the age of 15 and 30 years old (inclusive);
- A Canadian citizen, permanent resident, or refugee;
- Not currently in receipt of EI benefits;
- Working for a minimum of 30 hours per week for at least 3 months;
- Starting their first relevant career-related position after being hired; and
- Underemployed or unemployed prior to being hired.
Limited Time Remains to Access Hiring Grants
Due to the high demand for business hiring grants and wage subsidies, funding for these programs typically runs out by late summer or early fall of each year. If your business would benefit from receiving up to 50% of a new employee’s wage up to $20,000, you should consider applying for one of these funding programs.