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What Is The Canada Training Credit?
Are you working in Canada but also want to learn something on the side?
Well thank your “learning” stars! A new refundable credit started in 2019 to help relieve those costs!
Effective from the 2020 and later taxation years, the Canada Training Credit is a refundable credit available to alleviate training and tuition fees for eligible individuals (those who have either employment or business income). Half of tuition fees associated with training, qualify to be covered.Watch the video below to learn about canada training credit using :
How to Qualify?
Eligible individuals may accumulate $250 each year in their account to cover educational costs up to a lifetime limit of $5,000. To qualify for the Canada Training Credit (CTC), a Canadian resident must be at least 25 years of age, less than 65 years of age, and must file a tax return. They must also have employment or business income in the preceding taxation year of $10,000 or more up to approx. $150,000. The CTC will expire at the end of the year when the individual turns 65.Where do I find my eligible CTC limit?
For 2020, your limit will appear on your 2019 notice of assessment. You can also access the limit through CRA MyAccount. Each year, the CRA will let you know the limit through your notice of assessment.How much credit can be claimed?
The amount of refundable credit that can be claimed in a taxation year is equal to the lesser of either one half of the eligible tuition and fees paid in respect of the year, or the individual’s credit limit for that tax year.For purposes of this credit, tuition and fees do not include those paid to educational institutions outside of Canada. The refundable Canada training credit reduces the amount that qualifies as an eligible expense for the tuition tax credit on Schedule 11. The annual accumulation in the notional account began in 2019 and the first credit can be claimed for the 2020 taxation year.
Where do I enter this credit?
It will be entered on Line 45350 of T1 return for individuals.Ontario Jobs Training Tax Credit
The Ontario Jobs Training Tax Credit is only for 2021; This is a refundable credit that helps workers get training that may be needed:for a career shift, for re-training, and/or to sharpen their skills. If they qualify for the Federal Canada Training Tax Credit, credit up to $2,000 in relief for 50% of eligible tuition fees, is provided.With the Canada Training Credit, you can earn an income and learn something new along the way!
