May 2016 Program Update: Businesses seeking wage subsidies for new graduate hires should access Mentor Works’ free Wage Subsidy Identifier tool to be provided with the most accurate funding information. New programs are available to hire recent graduates; ensure that your business is capitalizing on these funds effectively by providing information on your business and job candidate.
The Youth Employment Program (YEP) is a great option for innovative small businesses operating in Canada. The YEP Canada business grants for hiring are offered through the National Research Council’s Industrial Research Assistance Program (IRAP) and aims to give opportunities for recent graduates to take on a position an innovative small business in Canada.
Benefits of Participating in the YEP Canada Business Grants Program
Small and medium-sized businesses will receive a non-repayable financial contribution of up to $20,000 in Ontario, and possibly as high as $30,000 in Alberta. The funding will be offered through a small business grant for hiring to support the salary costs of the post-secondary grad hired.
YEP Small Business Grants Canada: Company Eligibility
In order for your small business to qualify for funding through the YEP Canadian business grants program your enterprise must:
- Have 500 or less employees on payroll,
- Be an incorporated, for-profit firm,
- Be ready to enhance your innovation capacity, and willing to establish a trusting relationship with IRAP.
Youth Employment Program Canada Business Grants: Employee Eligibility
Graduates eligible for funding through the Youth Employment Program (YEP) will meet the following criteria:
- Will be a Canadian citizen, have permanent resident status or refugee status in Canada,
- Will be between the ages of 15 and 30,
- Will have graduated from a post-secondary institution,
- Will be legally entitled to work according to relevant provincial legislation and regulations, and;
- Will be a first-time youth participant in a placement of the Career Focus Program of the Youth Employment Strategy.
Benefits of Participating in the YEP Canada Business Grants Program
Small and medium-sized businesses will receive a non-repayable financial contribution in the form of a small business grant for hiring in order to support the salary costs of the post-secondary grad hired.
Youth Employment Program Canada Business Grants: Eligible Activities
Recent graduates hired through the YEP business grants Canada program will work on technical opportunities within the small and medium-sized enterprise and on non-technical but technology related projects such as:
- Engineering,
- Research and Development,
- Multi-media,
- Development of new products and processes;
- Market analysis for a new technology-based product,
- Business development related to science and technology activities, and
- Improvement of customer services, etc.
Access YEP and Other Canadian Wage Subsidies for Business
The Youth Employment Program is one of several wage subsidies that Canadian businesses may access to hire recent graduates at a reduced rate. To discover the ideal funding opportunity for your business and job candidate, access the Wage Subsidy Identifier tool.