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 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.
Continuing Education/Continuing Professional Development
Knowledge Bureau also welcomes professionals who seek an academic path to CE/CPD. Choose CE Summits, Distinguished Advisor Conference, online certificate courses or CE Savvy PD short courses.
Tuition Fee Deductibility
Tuition fees paid to Knowledge Bureau qualify for the tuition fee credit, and for some students the Canada Training Credit which provides a refundable credit of up to 50% of tuition. See calculation below:
Tuition Fees = $3990
plus GST (5%) = $4189.50
CTC Calculation =
Lesser of 50% of Tuition = $2094.75 or $1000 (eligible per tax filings)
CTC Claim $1000 (Note
- if no taxes payable, this $1000 CTC is fully refundable when you file your
Plus Claim a Tuition Amount for the Remaining Fees:
Tuition Credit $3189.50
($4189.50 less CTC claimed $1000 -T2202 required)
Tax benefit $765.50
($3189.50 x 24% - varies with province of residence)
Total Tax benefit (Tuition amount plus CTC) =
$1765.50 (42% of tuition fees payable)
Net cost of tuition $4189.50 - $1765.50 = $2424.00
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.
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.
Students of online certificate courses may request extensions at the end of each study period of three months. Extensions may be purchased at a cost of $99.00 for each extension of 1 month or $395 for an extended 3 month period.
Re-enrolment after Course Expiry: After an absence of six months or more, students may re-register with a re-enrolment fee of $395. 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 $395 per exam.
Business Builder Programs for Employee Training
Knowledge Bureau customized training options for your practices. You can mix and match courses from our designation programs and enroll multiple employees or associations.
Single Courses, Multiple Students
When two or more students in the same office want to start the same course at the same time, The Business Builder Program provides discounted tuition when more than one employee takes a designation program. See registration and tuition or call 1-866-953-4769 for details.
Corporate Partner Supports
Knowledge Bureau will provide co-op funding for attendance at live events (Ce Summits and DAC) for corporate partners who bring groups of advisors (10 or more) to live events.
Full Payment Discounts
Tuition fee deductions may be received when students provide full payment on designation programs. Preferred tuition rates are also available for Graduates and Designate holders.
EZ-Y Instalment Payment Plan
Knowledge Bureau offers inexpensive financing options for single certificate courses, Diploma and Designation Programs. See Virtual Registrar or call 1-866-953-4769 for details.
Online Courses Seasonal Deadlines
March 15, June 15, September 15 and December 15. For details subscribe to Knowledge Bureau Report. CE Summits: (A Peer-to-Peer Instructor Lead Opportunity) January 10, May 15 and October 31.
Returning Students and Designates
Qualify for Returning Client and VIP Designate rates. Please enroll through your Virtual Campus registration page.
There are several Government programs and grants that may be available to assist employers and employees. The following links present the programs available at a Federal level as well as for each Province:
Employment and Social Development Canada
Provinces and Territories
Newfoundland and Labrador
Prince Edward Island
Tuition Fee Amount
Knowledge Bureau is a private, certified post-secondary educational institution that provides courses that furnish its students with skills for or improve a person’s skills in, an occupation. Its tuition fees qualify for tax credit. Established in 2003 by Founder and President Evelyn Jacks, it focuses specifically on providing world-class financial education required for professionals in the tax, accounting and financial services.
Tuition Fees Paid in Excess of $100 Qualify for the Tuition Fee Amount
This includes the fees for all self-study courses, the CE Summits and the Distinguished Advisor Conference™ (DAC). It is an important option for the partial recovery of costs paid by employees who fund their own conference fees. To claim the deduction on your tax return, you’ll need a completed Form T2202, Tuition and Enrolment Certificate which is available through Knowledge Bureau. Simply log in to Your Virtual Campus and go to the Administration section for access to your T2202 Form.
Tax Deductibility by the Self-Employed
Tuition fees for self-study courses, workshops and educational conferencing may also be tax deductible by self employed professionals as a business expense. Your normal receipt for your payment to Knowledge Bureau is your documentation for the expense claim.
The Distinguished Advisor Conference™ (DAC) is held in locales where Canadians go to retire to determine the economic, retirement, investment, currency, health risk management and tax environment for which tax and wealth planning is required. This makes the educational programming unique and specific to the wealth management needs of clients and unavailable elsewhere in North America. Expenditures may be deductible; however, delegates should seek professional advice for their personal circumstances. A maximum of two conventions per year only are claimable and the business must have a reasonable expectation of profit. Several other criteria may exist for out of country conventions. See IT-357 for more information or call 1-866-953-4769 if you need assistance.
Student Loan Interest Write-Offs
Students who accumulate interest on student loans may claim a non-refundable credit for the interest paid in the current year plus any interest paid in the prior five years that has not yet been claimed. The credit is 15% of the interest paid by the student or a person related to the student. However, where the loan comes from is important—it must be received under the following sources and cannot be combined with any other loans:
Employers may deduct the cost of tuition as a business expense if the programs are of benefit to the employer’s business. In that case, tuition paid for employees will not be a taxable benefit and the student will not be eligible to claim the tuition tax credit.