The Canadian tax deadline is approaching, so it's a great time to get your tax credits in order. One of the refundable tax credits available is the Canada Training Credit.
"For 2019 and subsequent taxation years, the budget proposes a new refundable tax credit called the Canada training credit, which may be used for eligible tuition and fees paid for courses taken in 2020 and subsequent taxation years" - canada.ca
CIET is an eligible educational institution by virtue of providing occupational skills courses via our roster of certification and capacity-building training programs. The eligibility extends to all courses in the CIET catalogue.
With the Canada Training Credit, eligible individuals can claim $250 in each year. It's another benefit to investing in your professional development with a CIET training program! Get started with our career guide for the energy efficiency and decarbonization leaders of today and tomorrow!
The Government of Canada has a database of important questions and answers pertaining to the credit, including:
"The budget proposes a new refundable tax credit called the Canada training credit available for eligible tuition and other fees paid for courses taken in 2020 and subsequent taxation years. The credit will be the lesser of the individual’s Canada training credit limit for the taxation year, and half of the eligible tuition and fees paid to an eligible educational institution in respect of the year." - canada.ca
"Starting in 2019, an eligible individual will be able to accumulate $250 in each year (provided the individual satisfies all the conditions stated in Q10), up to a maximum of $5,000 in a lifetime. The Canada training credit limit for a year is equal to their Canada training credit limit for the previous year minus any Canada training credit claimed in the previous year plus the annual accumulation of $250 in the previous year." - canada.ca
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