What is Canada Training Credit?
The Canada Training Credit (CTC) is a new refundable tax credit available for 2020 and later years to help Canadians with the cost of eligible training fees. The credit may be claimed for tuition and other fees paid for courses you took in the year for which you are claiming the credit.
You claim the CTC when you complete your income tax and benefit return.
Starting in 2019, if you are eligible, you accumulate $250 in your CTC limit each year, up to a maximum of $5,000 in a lifetime.
Do I Qualify?
If you meet the following conditions, you will be able to claim the CTC:
you’re between the ages of 26 and 65
your total working income is more than $10,100 (includes maternity and parental benefits)
your individual net income doesn’t exceed $150,473
you’re a Canadian resident
you file a tax return
your CTC limit for the year is greater than zero
tuition or other fees were paid to an eligible educational institution for courses
you took in the year for which you’re claiming the credit or to certain bodies for an occupational, trade, or professional examination
the tuition and fees are eligible for the existing tuition tax credit
How to claim the CTC?
Canadians would claim this refund when they file their tax return. The updated credit balance would be included in the information the Canada Revenue Agency (CRA) sends to Canadians each year after they file their taxes. Canadians would also be able to check the total of their balance at any time, using CRA's My Account.
The CTC is claimed on line 45350 on your tax return. Follow the instructions in your certified tax software or fill out Schedule 11 if you’re filing a paper return.
Our registration file number is: 7009/13933.
LearnFormula/CPDFormula is an eligible educational institution. By taking our courses, packages, and/or certificate programs, you are able to get $250 back.
Any assistance you may need, reach out to our Support Team!