8.2 (1) The amount of an eligible employer’s co-operative education tax credit for a taxation year is the sum of, (a) all amounts each of which is in respect of a qualifying work placement that ends in the taxation year and is equal to the lesser of the employer’s eligible amount determined under subsection (2) and $1,000; and (b) the total of all amounts, each of which is an amount determined by multiplying the eligible percentage by the amount of a repayment, if any, made by the eligible employer during the taxation year, of government assistance in respect of the qualifying work placement of an employee, to the extent the repayment does not exceed the amount of the assistance in respect of the qualifying work placement that, (i) has not been repaid in a prior taxation year, and (ii) can reasonably be considered to have reduced the amount of a co-operative education tax credit that would otherwise have been allowed to the eligible employer under this Act in respect of the qualifying work placement.  1997, c. 43, Sched. B, s. 6 (1); 2004, c. 16, s. 3. Eligible amount (2) An eligible employer’s eligible amount for a taxation year in respect of a qualifying work placement is the amount determined under the following rules: 1. If the total of all salaries or wages paid to employees by the eligible employer in the previous taxation year is equal to or greater than $600,000, the amount is 10 per cent of the total of all eligible expenditures made by the employer in respect of the qualifying work placement. 2. If the total of all salaries or wages paid to employees by the eligible employer in the previous taxation year is not greater than $400,000, the amount is 15 per cent of the total of all eligible expenditures made by the employer in respect of the qualifying work placement. 3. If the total of all salaries or wages paid to employees by the eligible employer in the previous taxation year is greater than $400,000 but less than $600,000, the amount is the amount determined in accordance with the following formula: A = (10% × B) + [(5% × B) × (1 – C/$200,000)] where, “A” is the amount of the employer’s eligible amount for the taxation year in respect of the qualifying work placement, “B” is the amount of all eligible expenditures made by the employer in respect of the qualifying work placement, and “C” is the amount by which the total of all salaries or wages paid by the employer in the previous taxation year exceeds $400,000. 1997, c. 43, Sched. B, s. 6 (1); 2004, c. 16, s. 3. Definitions (3) In this section, “eligible percentage” means, in respect of a repayment of government assistance, the percentage used in determining the amount of the tax credit, if the receipt of the government assistance reduced the amount of a tax credit available under this section; (“pourcentage autorisé”) “government assistance” means assistance from a government, municipality or other public authority in any form, including a grant, subsidy, forgivable loan, deduction from tax and investment allowance, but not including a co-operative education tax credit under subsection 8 (15), a workplace accessibility tax credit under subsection 8 (15.3) or an investment tax credit under section 127 of the Federal Act. (“aide gouvernementale”)  1997, c. 43, Sched. B, s. 6 (1); 1998, c. 34, s. 71; 2004, c. 16, s. 3. Regulations (4) The Lieutenant Governor in Council may make regulations respecting the following matters relating to the co-operative education tax credit: 1. Defining “eligible employer” and prescribing the conditions that must be satisfied for a person to be an eligible employer in respect of a qualifying work placement. 2. Defining “eligible expenditure” and prescribing the rules for determining the amount of eligible expenditures in respect of a qualifying work placement. 3. Defining “qualifying work placement” and prescribing the conditions that must be satisfied for a work placement to be a qualifying work placement. 4. Prescribing the procedure for claiming a co-operative education tax credit, the restrictions on claiming the tax credit and the manner in which an eligible employer is to receive the benefit of the tax credit. 5. Prescribing the method of claiming a co-operative education tax credit where the employer is a partnership. 6. Prescribing the method of calculating the amount of salaries or wages that will be deemed to be paid by an eligible employer in a previous taxation year for the purposes of subsection (2).  1997, c. 43, Sched. B, s. 6 (1); 2004, c. 16, s. 3. Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. B, s. 6 (1) - 1/01/1998; 1998, c. 34, s. 71 - 1/01/1998 2004, c. 16, s. 3
- 1/01/2004