The Canada Training Credit is a new refundable tax credit to help Canadians with the cost of training fees. The credit accumulates at a rate of $250 per year, up to a lifetime training amount limit of $5,000.
To be eligible, you need to be a worker:
- with at least $10,000 in earnings for work (including maternity or parental leave benefits)
- with an income below about $150,000
- between the ages of 25 and 64
The credit could be used to claim a refundable tax credit for up to half of the eligible tuition and fees for taking a course or enrolling in a training program. An individualâs training amount limit would be included in the information the Canada Revenue Agency sends them each year. As this is a new program for the 2020 tax year, please seek out information and updates through the Government of Canada website.