The Honourable Gail Shea, Minister of National Revenue, and British Columbia (B.C.) Finance Minister Kevin Falcon are pleased to announce the launch of the Trade School Initiative. This educational pilot project was developed to help students become informed tradespersons in the construction and renovation industry.
"Our government believes in equipping the entrepreneurs of tomorrow with the tools they need to succeed. This initiative will help them be fiscally responsible, adopting good business practices as they embark on their career in the trades," said Minister Shea.
"It is important to educate students on their tax entitlements and responsibilities, as well as the pitfalls of participating in the underground economy." The initiative provides relevant information on tax credits and financial resources such as the tradesperson's deduction for tools, the apprenticeship incentive grant, and the apprenticeship completion grant. The information and resource-based Web site TradeLinks.ca also has links to career opportunities, bookkeeping, employee rights, and employer responsibilities.
"It's not enough just to be skilled at a particular trade; successful entrepreneurs today also need to be financially literate and business savvy," said B.C. Finance Minister Kevin Falcon. "Tradelinks.ca is an important business and financial tool to help individuals in the trades industry start their own businesses and succeed in their trades." The project is being launched initially in British Columbia, Ontario and New Brunswick. Other provinces and territories may participate in this initiative in the future.
For more information, go to http://www.TradeLinks.ca.
Trade School Initiative
The Canada Revenue Agency (CRA) and the provinces of British Columbia, New Brunswick, and Ontario have partnered to pilot a new educational project-the Trade School Initiative. At first, this initiative is intended to raise awareness of tax responsibilities for students preparing for careers in the construction and renovation industry. Later, the initiative will be expanded to include other trades. The initiative takes an educational approach to address the needs of trade school students so that they understand their tax obligations. It also provides information to help these students start their own business and succeed in their trade. Extensive consultation and research was done with various national stakeholders such as trade schools, trade school graduates, instructors, unions, construction associations, and governments. It was determined that there was a lack of knowledge among students on the requirements for starting a business, specifically as it relates to financial requirements, as well as entitlements and obligations related to taxes. In partnership with the three provinces, the CRA developed and evaluated learning tools to bridge the information gap with the trade school students to address their needs. Other provinces and territories may participate in the future.
- The Trade School Initiative links to the federal and provincial governments' efforts to promote growth, small business economy, fiscal literacy, and social responsibility.
- The CRA encourages individuals and businesses to meet their tax obligations and receive their benefit entitlements without our intervention. It is our belief that promoting a voluntary approach is the most cost-effective way to administer taxes in Canada.
- The CRA works with other federal agencies and departments, provincial governments, professional organizations, and key industry groups to identify, prevent, and take action on the underground economy.
- The Trade School Initiative is a federal and provincial government collaboration that provides valuable information and resource material, including how to comply with Canada's tax laws. The initiative helps future entrepreneurs and business people understand the tax benefits, entitlements, and requirements of reporting all income and paying taxes, in addition to recognizing the pitfalls of participating in the underground economy.
- Tradelinks.ca is an essential tool for trade school students and graduates to get information on apprenticeships, jobs, and starting a business, as well as self-employment tips on things such as financial resources, rights and responsibilities, and bookkeeping.
- The TSI Web site also provides information on valuable programs and incentives such as the tradesperson's tools deduction and the apprenticeship completion grant.
- The quality of life that all Canadians enjoy is supported by the taxes we pay. Unpaid taxes mean fewer funds for health care, child care, employment insurance, and urban and rural infrastructure projects.
Canada Revenue Agency
Media Relations 613 952-9184
B.C. Ministry of Finance