As a small business in Ontario, be it an existing business one looking to startup, paying wages is often one of the key expenses your business has in order to sustain itself.
Employees are a must if you want to run or grow your business.
When it comes to the Ontario government, there are various small business funding options provided by the government directly that help with hiring staff, paying wages as well as providing training to employees.
These funding programs can come from the local government, provincial Ontario government as well as the Federal government of Canada.
If you are a sole proprietor, in business just for yourself, you may be able to cover your own wages or a percentage. As well, take advantage of funding options available to help you hire employees when needed.
As a corporation, there are various funding options from the Ontario government and the federal government that may assist with the wage support of your staff, new and existing employees.
Different types of hiring and wage support options
The Ontario government has different types of programs that are available to help you as a small business owner hire and take on staff.
Through various options from government loans, government grants to tax breaks and credits, these funds can assist your small business in utilizing the added help, while keeping your costs lower; and having a percentage or full costs paid for.
Certain wage coverage options may help with as much 85% of the wage; while others pay wages in full if you are in a trade industry, providing a crucial service and teaching a skill.
In terms of hiring staff, as a startup business owner, you may be able to benefit from added funding options that can help you cover your own costs (personal living costs) while you focus on developing your business.
This is especially good if you are leaving a part-time or full-time job to start your own business in Ontario.
- Wage support for hiring new staff
- Wage options for hiring individuals with specific skills
- Programs made available to hire individuals who may be disabled, aboriginal, or fit a certain category that the funding programs may want to focus funds towards
- Wage options to help you cover your personal expenses while you start a business
- Seasonal wage support programs to help in various times of the year
- Student wage support programs to assist in hiring students
- Training programs; to help you pay wags of your employees and staff who are undergoing a training period while they learn a trade
How to access hiring and wage funding programs in Ontario
Before you can access any government funding programs in Ontario, be it to help you startup, pay for certain expenses, or to hire and train your staff, you have to have a business plan in place.
Your business plan is a must-have and should explain your business model clearly.
When creating your business plan, it should be geared towards the type of funding you are trying to obtain; in this case, funding to help you hire staff and pay for their wages.
Once your business plan has been completed; with a projected financial statement in place and a clear explanation of your funding needs, accessing these wage and hiring programs may pose a challenge.
They are difficult to find as they are offered on different levels of the government including the mentioned, local, provincial and federal government. Often via various agencies that provide the funds – making it difficult to conduct a proper search for the available options.
With that being said, the Funding Database here at Ontario Startups does have all options available in one place. Including all government grants, government loans, and tax options, to help you with wage support coverage as well as hiring costs.