Income sources for business owners

Good investments aren’t the only way to generate returns for clients. Here we look at alternate ways your entreprenurial clients can earn money.

Canada Job Grant

The federal program offers funding for business clients so they can train new and existing employees.

How much is available:

Two-thirds of the cost of a training program is covered, up to $10,000. The funds can be used for tuition, books, software, mandatory student fees, exam fees and training provided by eligible third parties. Training programs include:

• trucking and transportation;
• carpentry;
• computer science;
• engineering; and
• other workplace skills.

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Eligibility:

Any Canadian business or not-for-profit located in one of the partnered provinces that needs to train employees can apply. The employer must have a permanent job available for the employee at the end of the training, and training can’t exceed one year. There are a number of requirements that vary by province. In Ontario, for example, if the application is for training fewer than 25 employees, it must be submitted in a specific online format to a Canada-Ontario Job Grant service provider. If the application is for training more than 25 employees, the application must be submitted to the regional office closest to where the training will take place. Employers must provide full details about who is being trained, how the program will benefit the company and whether employees will be paid. A full plan is required, including:

• course descriptions;
• details about the certification or designation that’ll be obtained;
• allocation of hours;
• cost of supplies; and
• method of training.

If training costs exceed $25,000, then employers must submit three different provider quotes. If the training is limited to a specific provider due to proprietary software or specialization, then a detailed explanation is required.

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Cost to apply:

N/A

Advisor commitment:

Minimal. You’ll have to help the client calculate the future financial benefits to the company.

Where to apply:

Employers can apply through the provincial ministry. Forms vary by province. Employers must submit a separate form for each training course, and may have to submit additional forms if the grant is approved. There’s a link to each provincial ministry through the Employment and Social Development Canada website.

Nova Scotia ExportAbility Program

The program provides training and support for small and medium businesses in Nova Scotia to expand export opportunities. The purpose is to increase the knowledge of companies that are actively exporting, or those that want to export.

How much is available:

A minimum of $150, or 75% of the cost of a training course, to a maximum of $4,000 per applicant, per year.

Eligible costs include course or workshop registration fees, official course materials (if not included in registration fee), and exam fees.

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Ineligible costs include meals, accommodations or transportation expenses (including parking), and PST, GST/HST and VAT.

Eligibility:

This program is for businesses registered in Nova Scotia, or that have a Nova Scotia-based subsidiary. Programs must be for accredited trade training, such as by the Forum for International Trade Training.

• The applicant’s employer must possess, manufacture or produce an internationally tradable product, service, technology or intellectual property.
• A written international business development strategy may be required.
• A completed application form must be sent to the program administrator prior to registering for the training or course.

An international business development plan must be submitted with the application. This can take time to research and develop.

Cost to apply:

No direct costs. Indirect costs include researching international markets and preparing an international business development plan.

Advisor commitment:

Minimal. Provide support and financial statements to complete international business development plan.

Where to apply:

The Nova Scotia Department of Economic and Rural Development and Tourism. Applications and program guidelines are available at ExportAbility.

Additional details:

Projects that have received, or will receive, a financial contribution through another federal or provincial government program are not eligible. Complete details can be found in the program guidelines.

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Lisa MacColl is an Ontario-based financial writer.