Top 10 Money-Saving Tips For Manufacturers

It's always a good time to think about cost-saving measures. For most manufacturers, the focus is on production, staffing, sourcing supplies and most importantly, getting that product out to their customers. All of those areas are essential components to running a successful business. Below are ten ways of saving money and improving profits:

1. Apprenticeship Tax Credits

The Canada Revenue Agency introduced an apprenticeship job creation tax credit, which is a non-refundable tax credit equal to 10 per cent of the eligible salaries and wages payable to eligible apprentices for their employment after May 1, 2006. An "eligible apprentice" is someone who is working in a prescribed trade in the first two years of their apprenticeship contract. This tax credit is claimed on a business' corporate income tax return.