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T2 Schedule 384 Part 3 and Part 4 for tax years ending after December 31 2015

 T2 Schedule 384 Part 3 and Part 4 for tax years ending after December 31, 2015

 

Part 3: Co-op student hiring incentive

For tax years ending after December 31, 2015, the maximum amount of the salary and wages paid (or the Line 260) should be at $33,333 (rather than $10,000) and the co-op student hiring incentive credit should be at 15% (rather than at 10%) of the salary and wages paid to a maximum credit of $5,000. If the taxpayer is claiming the Manitoba co-op student hiring incentive tax credit for tax years ending after December 31, 2015, overrides are required for the following calculations:

  •         Line 260 (B2) Salary and wages paid should be equal to the lesser of the actual salaries and wages paid and maximum amount of $33,333.
  •         Amount C2 should be calculated at 15% of Line 260 instead of 10%.
  •         Line 270 should be lesser of Amount C2 and the maximum amount. The maximum amount is $5,000 per placement, less the incentive calculated for a previous tax year. If the student is shared by more than one employer, the maximum amount is prorated by the total salary and wages paid by the taxpayer for the placement of that student, and the total salary and wages paid to the student for the placement of that student.

 

Part 4: Co-op graduate hiring incentive

For tax years ending after December 31, 2015, the maximum amount of the salary and wages paid (or Line 360) should be at $16,667 (rather than $50,000) and the co-op graduate hiring incentive credit should be at 15% (rather than 5%) of the salary and wages paid to a maximum credit of $2,500. If the taxpayer is claiming the Manitoba co-op student hiring incentive tax credit for tax years ending after December 31, 2015, overrides are required for the following calculations:

  • Line 360 (salary and wages paid) is equal to the lesser of the actual salaries and wages paid and $16,667.
  •       Amount in C3 is calculated at 15% of Line 360 (B3).

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