There are numerous funding options to help make your professional studies more affordable, including financing available through Knowledge Bureau, funding through each student’s own tax-assisted savings plans, and tax assistance through various CRA tax incentives. However, what can be deducted depends on who you are and what programs you will be involved in.
Knowledge Bureau is certified by the Minister of Employment and Social Development Canada (ESDC) as an educational institution providing courses ( other than courses designed for university credit) that furnish a person with skills for or improve a person’s skills in, an occupation. An occupation, for this purpose, is considered to be employment as well as a profession, vocation, or trade.
Program Pre-requisites
Successful candidates for the program will have a minimum of high school education, be employed and mentored with a firm that provides services the services being studied and/or at least three years of industry experience. Students
in the programs offered complete a series of 30-hour online certificate courses in their chosen field of specialization and may supplement online learning with peer-to-peer sessions in regional workshops or conferencing offered by Knowledge Bureau.
Continuing Education/Continuing Professional Development
Knowledge Bureau also welcomes professionals who seek an academic path to CE/CPD. Choose CE Summits (10 hours), Distinguished Advisor Conference (up to 15 hours), or online certificate courses (30 hours for full credit courses).
Tuition Fee Deductibility
Tuition fees paid to Knowledge Bureau qualify for the tuition fee credit.
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.
Expense Deductibility
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 i.e., 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.
Free Trial Period
Students may withdraw from the program at no charge within the first seven (7) days of registration or after completing one chapter of the course (whichever comes first). This is the free trial period.
Extensions
Students of online certificate courses have three months to complete each course plus one month grace period for a total of 4 months. Extensions may be purchased at a cost of $99.00 for each extension of one month, $297 for a three-month extension.
Resumed Studies
Re-enrolment after Course Expiry: After an absence of six months or more, students may re-register with a re-enrolment fee of $295. New course materials, study periods and Virtual Campus access will be granted.
Rewrites: Our rewrite policy is discussed in greater detail in our course material. One rewrite attempt will be allowed within a month of unsuccessful testing. Rewrite fees are $295 per exam.