| Protected B when completed | ||||||||||||||||
| Worksheet ON479 (continued) | ||||||||||||||||
| Line 9 | – Ontario co-operative education tax credit | |||||||||||||||
| If the total salaries and wages paid in the previous year were more than $400,000 but less than $600,000, complete this chart for each qualifying work placement of each employed student. |
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| Amount of eligible expenditures (1) incurred in 2020 | A | x 25% = | 1 | |||||||||||||
| x 5% | 2 | |||||||||||||||
| Amount A multiplied by the percentage on line 2 | = | ► | 3 | |||||||||||||
| Total salaries and wages paid in the previous tax year | 4 | |||||||||||||||
| – 400,000.00 | 5 | |||||||||||||||
| Line 4 minus line 5 (if negative, enter "0") | = | 6 | ||||||||||||||
| ÷ 200,000.00 | 7 | |||||||||||||||
| Line 6 divided by line 7 | = | 8 | ||||||||||||||
| 1.00 | 9 | |||||||||||||||
| Amount from line 8 above | – | 10 | ||||||||||||||
| Line 9 minus line 10 (if negative, enter "0") | = | ► | x | 11 | ||||||||||||
| Line 3 multiplied by line 11 | = | ► | + | 12 | ||||||||||||
| Line 1 plus line 12 | (maximum $3,000 per student) | = | 13 | |||||||||||||
| The maximum credit is $3,000 per student per qualifying work placement that ended in 2020. | ||||||||||||||||
| Enter the total amount claimed for all qualifying work placements on line 9 of your Form ON479. | ||||||||||||||||
| (1) | You must reduce your eligible expenditures by the amount of government assistance you received, are entitled to receive, or may reasonably expect to receive. |
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| 5006-D1 E (20) | Page 2 of 2 | |||||||||||||||