In 2019, the government announced the Canada Training Credit, a refundable tax credit that can be put towards further education. This blog will discuss the Canada Training Credit and how it benefits skilled immigrants and refugees.
Accreditation and Licensing,Career Success and Planning,Education and Training,Financial Planning
July 20, 2023
Upskilling is a great way for newcomers to Canada to develop their careers. In 2019, the government announced the Canada Training Credit, a refundable tax credit that can be put towards further education. This blog will discuss the Canada Training Credit and how it benefits skilled immigrants and refugees.
Professional development is so important for career success. Learning a new skill facilitates both personal and professional growth. There are so many types of education and training programs that newcomers to Canada can avail of, such as bridge training programs, language courses and micro-credentials.
Pursuing further education can be expensive, particularly for newcomers to Canada who may not have secured full-time employment when they immigrate. At Windmill Microlending, we provide low-interest career loans to skilled immigrants and refugees so that they can upskill and achieve career success.
What is the Canada Training Credit?
The Canada Training Credit is a new initiative designed to help Canadians manage the cost of training fees. It’s a refundable tax credit for tuition and course fees taken in 2020 and onwards. The credit accumulates at a rate of $250 per year with a lifetime limit amount of $5,000. It can be used to claim up to half of tuition fees for a course or training program. The Canada Training Credit is claimed on an individual’s income tax and reduces the amount of tax owed. If the credit amount is more than the total tax owed, a refund will be issued for the difference.
Who is Eligible for the Canada Training Limit?
Canadians between the ages of 25 and 64 are eligible for the Canada Training Limit if they have:
Newcomers to Canada can apply for the Canada Training Credit if they are permanent residents who meet the above criteria. This credit is a great way for new Canadians to get tax relief while exploring training and education opportunities that can help them achieve their career goals. The credit can be put towards expenses such as exam fees, admission fees, application fees at the time of enrolling for a course and certification charges.
If you’re a newcomer to Canada interested in further education, why not apply for a Windmill loan? We provide low-interest career loans of up to $15,000 which can be put towards accreditation, training and professional development costs. Learn more about how our loans empower skilled immigrants and refugees here.
Apply for our affordable career loan and get into the profession of your choice!