Canada Training Credit & Tuition Tax Credits

Announcement: PNC Learning is an approved educational institution so students may be able to claim the Canada Training Credit and Tuition Tax Credit to get up to 50% back on eligible course fees.

PNC Learning is committed to helping students build great careers in the insurance and financial services industry. We’re always doing our best to make our courses as accessible as possible – both from a cost and learning perspective.

From our PNC Learning Scholarship to Payment Plans, we are always looking for ways to help our students access the courses at a low cost.

PNC Learning is an Approved Educational Institution

As of September 9th, 2021, PNC Learning became an approved educational institution under the Minister of Employment, Workforce Development and Disability Inclusion (subparagraph 118.5(1)(a)(ii) of the Income Tax Act).

What does this mean?

That means our students can now claim the fees they spend on eligible courses under the Tuition Tax Credit and the Canada Training Credit (50% reimbursement).

Canada Training Credit

In 2019, the federal budget introduced the Canada Training Credit (CTC) to help support upskilling and lifelong learning in a constantly evolving job market. With technology advancing rapidly, jobs are created and lost more quickly than ever. If you are not constantly learning and upgrading your skills, you risk becoming obsolete.

How Much Do I Get Under The Canada Training Credit?

Eligible Canadians will receive up to $250 each year to cover 50% of training expenses from colleges, universities and qualified education institutions like PNC Learning.

The lifetime maximum credit is $5,000 to cover up to $10,000 in training expenses.

The Canada Revenue Agency (CRA) will track your training credits and pay them out as a refundable tax credit.

CTC Eligibility

The eligibility criteria is as follows:

1. Be a Canadian resident
2. Be between 26 and 65 years old
3. Earn between $10,000 and $150,000 per year

You can learn more about the Canada Training Credit, on the CRA website here.

Tuition Tax Credit

Because PNC Learning is an approved educational institution, students may be able to claim the fees paid to us or even for your exams on the Income Tax Act tuition tax credit.

Tuition Tax Credit Amount

The lowest tax rate (subsection 117(2)) multiplied by the total paid in “education fees” is the amount you get. Education fees can include eligible tuition fees paid + fees for professional examinations.

For example, currently, the lowest federal tax rate is 15% so if the total fees paid are $2,000, the tuition tax credit you are entitled to is $300.

Tuition Tax Credit Eligibility

To qualify, you need to meet 2 requirements:

1. Be 16 years old by the end of the year the course was given
2. The course must teach students the skills they need to work in or improve at a recognized occupation
   1. Examples include: insurance broker or financial advisor
3. Fees are greater than $100

You can learn more about the Tuition Tax Credit on the CRA website here.

How To Save Money With PNC Learning

With PNC Learning, you can save money on your course fees AND exam fees.

If you claim the new Canada Training Credit, you can get 50% off our eligible programs.

Depending on your tax situation, you may also be able to claim the exam fees paid under the Tuition Tax Credit or on your income tax returns as a business expense.

Click here to sign up today!

*Disclaimer: This goes without saying but we are education experts and not accountants. And we also don’t know anything about your specific tax situation. We are providing this information for your convenience and for informational purposes only. Ask your accountant about the specifics as what you see here may not always be up to date or accurate.