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Ramiro75
New Member

As an employee on commission, can I deduct my QAFP designation renewal and the cost of my CFP exam. If so where do I enter this information?

 
1 Reply

As an employee on commission, can I deduct my QAFP designation renewal and the cost of my CFP exam. If so where do I enter this information?

If you paid at least $100 in examination fees and meet the criteria, you may be able to claim them under the tuition tax credit, which reduces the amount of tax you owe, if any.

 

You can claim your examination fee as a tution expense provided it meets the following conditions:

  • The examination fee is a requirement for obtaining your professional status or to be certified or licensed as a person in the trades.
  • Your examination fees are paid to an educational institution, professional association, government ministry, or other related institution.
  • The certification or license allows you to practice your trade in Canada.

Usually, GST/HST is added to examination fees. The good news is you can claim these taxes as part of the tuition tax credit.

 

For directions, please see our TurboTax FAQ: How do I claim my tuition fees?

For more information, please see TurboTax webpage: Examination Fees as a Tution Expense

 

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