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I took a course that cost me $2000, it was to further my education in my career. I am now wondering how much of that $2000 I will get back when I claim it on my taxes.

 
2 Replies

I took a course that cost me $2000, it was to further my education in my career. I am now wondering how much of that $2000 I will get back when I claim it on my taxes.

It depends on how you are claiming the tuition.

 

If you have a T2202A, TL11 or a receipt that says the tuition is eligible, you can claim the tuition to get the Federal (and in some provinces, Provincial) Tuition Credit. This is a non-refundable credit, so you wonā€™t get any money back, but you can use it to reduce your tax payable. You can also transfer it to a spouse, parent or grandparent so they can reduce their tax owing. Unused tuition will carry forward to future years until itā€™s used. https://turbotax.community.intuit.ca/replies/2647973

 

If your employer required you to take the course and you have a T2200 from them, then you can claim it as an employment expense. Depending on whether you were reimbursed or are a commission employee, you may be able to claim all or some of the $2000.

 

If you are self-employed, you may be able to claim the full cost of the course if itā€™s just to maintain, update or upgrade an already existing skill or qualification. If you needed the course to acquire a skill that you donā€™t currently have, then the CRA would consider the training a ā€œCapitalā€ expense. You would not be able to deduct the cost of a capital expense.


jwu565
Returning Member

I took a course that cost me $2000, it was to further my education in my career. I am now wondering how much of that $2000 I will get back when I claim it on my taxes.

which form/line should I claim this $2000 under self-employee? Thanks