Did you know that Knowledge Bureau is a private, educational institution certified by Employment and Social Development Canada (ESDC) to provide courses that develop or improve skills for those working in the tax, bookkeeping, accounting, and financial services industries? What this also means is that Knowledge Bureau students who have paid tuition fees in excess of $100 in 2021 qualify for the tuition fee amount, and the T2202 tax slips to claim this are now available in your Virtual Campus.
To claim the non-refundable tax credit on your tax return, you’ll need to back it up with a completed Form T2202, Tuition and Enrolment Certificate.
Simply login to Your Virtual Campus and go to the Virtual Registrar to access to your Form T2202. Tuition fees for all self-study courses, the CE Summits and the Distinguished Advisor Conference™ (DAC) are eligible.
Typically, this credit is to be used by those who are not writing off training costs as a deduction against business income. Note: this tuition fee credit is claimed in on a calendar year basis. Credits claimed must be reduced by any refunds received.
In some instances, tuition fees paid will be deductible as follows:
As a Deduction from Business Income. Business owners may deduct the costs of training paid for themselves or employees who take Knowledge Bureau courses for continuing professional development.
In some cases, self-employed students may claim the cost of training as a business deduction. Students are referred to IT 357R2 for CRA’s interpretation of the rules. Of specific note in the bulletin: training costs are not deductible as current expenses if they are capital expenditures. That is, they result in a lasting benefit to the taxpayer , like where a new skill or qualification is acquired (ie. training as a specialist). In this case, students should consider using the tuition fee credit instead.
However, if training is to maintain, update or upgrade an existing skill or qualification, the related costs are deductible as a current expense. Examples of fully deductible programs: a professional development course is taken as required or recommended by a professional body to maintain professional standards, a tax course is taken by a lawyer or accountant who is qualified to do tax work, whether or not he or she has previously been actively involved in such work. Any portion of costs that are personal or unreasonable is not deductible.
Tax Deductibility by the Self-Employed. Your normal receipt for your payment to Knowledge Bureau is your documentation for this expense claim.
Conferences. Note that a maximum of two conferences per year can be written off as a business expense.
RRSP Lifelong Learning Plan. Knowledge Bureau will consider the student to be in full-time attendance for purposes of funding under the RRSP Lifelong Learning Plan if that student enrolls in a Designation Program. To qualify, the Designation Program must be completed within a six-month enrolment period. Otherwise, the student is considered to be enrolled in part-time attendance with Knowledge Bureau.
Note: Our courses are not considered a qualifying or specified educational program if the student receives, from a person with whom they deal at arm’s length, a grant, reimbursement, benefit, or allowance to take the program.
For more funding options for educational and training, click here.
We appreciate your choice to study with us in 2021! Consider further enhancing your credentials in 2021. Further programming options can be explored in your Virtual Campus? If you’ve never studied with us before, we invite you to check out our Virtual Registrar for prospective students on our main website for a complete guide to 2022 online courses and live, virtual educational events.