When you register for any of REMIC’s courses you can claim the Canada Training Credit (CTC) on your tax return. The Canada Training Credit is a new refundable tax credit to help support upskilling and lifelong learning for Canadian citizens.
Starting in 2020, eligible Canadians will receive an annual credit of $250 dollars to cover 50% of training expenses from qualified educational institutions, like REMIC. 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:
You can find more information and updates on the Canada Training Credit at Government of Canada website.
A Case Study
In 2023, Javed enrols in REMIC’s mortgage agent course for licensing for $385 and REMIC’s Harmonized Life License Qualification Program (HLLQP) for $598, for a total of $983 in eligible tuition fees for that year. He has not claimed any Canada training credit in previous years.
Assuming Javed satisfies all the conditions to be eligible for the annual $250 accumulation in each of the years from 2019 to 2022, his Canada training credit limit for 2023 will be $1,000.
Javed can claim a Canada Training Credit of $491 (being the lesser of 50% of eligible tuition fees paid and his 2023 Canada Training Credit limit) for the 2023 taxation year. This means that Javed will get back $491 when he files his tax return, representing 50% of the total tuition fees with REMIC!