CANADA TRAINING CREDIT
Find out how you can get a 50% rebate
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.
Mortgage Agent Course
This course can be completed in as little as one (1) week and is for those looking to get licensed as a mortgage agent in Ontario.
Life Insurance Course
This course can be completed in as little as two (2) weeks and is for those looking to get HLLQP licensed.
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 annual income that does not exceed the 3rd tax bracket in that year (ex. $151,978 in 2021)
- Between the ages of 26 and 64
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!
