Elizabeth has been kind enough to capture some of the salary assistance programs available to startups in Ontario. Well worth a read if you are looking to hire in the near future.
Coming up with the funds required for the first few salaries can be a challenge for a small company, especially if you're a bootstrapping entrepreneur. You dig into your own savings. You beg the bank for a loan. You search for the elusive investors you've heard so much about. You worry how you're going to manage with an employee, as well as how you're going to manage without one.
Below are a few useful programs that can make things a little easier on your account balance and help get you on your way.
NRC IRAP – Youth Employment Strategy. Most technology companies will be familiar with this one – if you’re not, start reading up! The subsidies of up to $30,000 through the Youth Employment Strategy can go towards the wages of recently graduated post-secondary student who is hired to work on technology related projects. The queue for this program is usually quite long, be sure to apply soon. Click here for more information.
Skills Link For those looking to hire energetic under-30s, this $25,000 subsidy is available for up 52 weeks. Offered by the government of Canada, this program seeks to help youth facing employment barriers to secure job positions. Examples of demographics eligible for this program are single parents, Aboriginal youth, young persons with disabilities, recent immigrants, youth living in rural and remote areas and high school dropouts. For more information, visit Service Canada’s website.
The Targeted Wage Subsidies Program This subsidy is available for a maximum of 78 weeks and subsidizes up to 60% of an eligible employee’s wages. Designed to assist those who are eligible, or have recently been eligible for Employment Insurance in obtaining work, this provincially administered program is geared towards businesses, non-profit organizations, municipalities, First Nations councils, public health and educational institutions can apply for subsidization through this program. Click here for more information.
Small Business Internship Program Finally, my favourite program: the Small Business Internship Program (SBIP). You can receive up to $10,000 to hire a current student for up to 12 weeks. The student need only be studying in a program where information technology (IT) knowledge and skills are important (e.g. business, e-commerce studies, computer science). Employers need only contribute 25% of the wages. Federally administered, this program is specifically geared towards helping companies develop the e-business component of the enterprise. No more excuses for not having a social media plan and getting involved with LinkedIn! Visit Industry Canada’s website for more information.
While not all the programs are easy to navigate, they are definitely worth any hassle! We've strategically used them in house and made countless recommendations to check out these programs. If you'd like to hear first-hand stories about these programs or to learn more, feel free to get in touch. Thank you Elizabeth!