- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Where do I claim courses I took to expand my small business offering?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self-employed
If you are a small business owner then you are eligible to claim expenses associated with courses you may have taken to expand your small business using the form T2125.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self-employed
Yes, I had found that - would it just be the other category? I really did not see anything else that fits. Is there a maximum? I had done some substantial amount of courses to offer a new arm of my business.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self-employed
Yes, you would just use Other.
Please note that you can only claim courses that upgraded or maintained your current skills as business expenses. If you took courses to acquire new skills, then these would be considered capital expenses, which can't be claimed on your T2125. You may still be able to claim them as tuition, and you might be able to use the Canada training credit (CTC) as well.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self-employed
The courses I took were capital in nature so I can't claim them on the T2125. They were with "Sail Canada" and also the "Coaching Association of Canada", and as far as I can tell, these are not on the "Certified Educational Institution" list, so I can't claim them as tuition or access the Canada Training Credit (CTC) either. So would I claim them with the Capital Cost Allowance (CCA)? According to this blog (https://www.montrealfinancial.ca/blog/guidelines-for-deducting-conference-and-training-expenses), the cost of the courses would fall under category 14.1. Could someone confirm this?
If I can claim it under the CCA, would this type of expenditure count as an Accelerated Investment Incentive Property (AIIP) or a Designated Immediate Expensing Property (DIEP)?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self-employed
@sstarnow No, you can't claim training or tuition as CCA. CCA is for physical assets (car, truck, machine), or intangible assets that can be resold (patent, copyrights, goodwill, etc...).