Cooperative Education Tax Credit
The Cooperative Education Tax Credit (CETC) is an Ontario tax credit that is available to employers of students from many co-op and internship programs. The credit can total as much as $3,000 per student per paid work term.
Here's what you need to know
Get up to $3,000 per student
Claim 25%–30% of eligible wages for each qualifying co op placement
Available to most Ontario employers
Includes all corporations or unincorporated businesses with permanent establishments in Ontario subject to Ontario corporate income tax or Ontario personal income tax
Applies to paid co op students in approved programs
Students must be enrolled in a recognized postsecondary co op program, and wages or salaries must be paid to qualify. Sheridan confirms which of our Co-op programs are eligible on Sheridan Works
Minimum work term required
Work-Terms must be at least 10 weeks.
Employers provide supervision and evaluation
The work-term must involve meaningful work and be monitored by the educational institution
Claim the credit through your tax return on Schedule T2SCH550
Requires documentation from the educational institution
For general tax enquiries regarding this tax credit, taxpayers may telephone Canada Revenue Agency at:
- 1-800-959-5525 (English)
- 1-800-959-7775 (French)
- 1-800-665-0354 (TTY)
Or on the web visit:
- Canada Revenue Agency website at: www.canada.ca/en/revenue-agency.html
- Ministry of Finance website at: www.ontario.ca/revenue
Disclaimer
The information contained on this page is provided only as a guideline and is not intended to replace the legislation.