I have a business number from when I did contract work a number of years ago and was going to change this number over to the new business that I am thinking of doing. I am wondering if I need to do this before I do any training that is required for the business? Also, I require the training in order to run the business, provide a service to clients. Is the training itself tax deductible even though I am doing the training before I am making any business revenue? If so, what are the steps needed to do so?
If you need the training to acquire a skill that you don’t currently have, then the CRA would consider the training a “Capital” expense. You would not be able to deduct the cost of a capital expense. https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/it357r2/archived-ex...
However, if your training is eligible, you might be able to get some deductions and credits as a student. https://www.canada.ca/en/revenue-agency/services/tax/individuals/segments/students/common-deductions...
I took 3 training and obtain forklift certificate/license with how can i deduct this. without this training/certificate the employer would not accept me in the job. I am not self-employed income is T4, I was not reimbursed. Its total cost is around $775.