Executive leaders pursue professional development for many reasons, including upskilling, career advancement, networking, wellness, and personal fulfillment. As we look towards a post-COVID-19 reality, the dizzying pace of change has brought all of those values top of mind.
Rapidly evolving technologies, changes in consumer behaviour, and new ways of working were already causing disruption before the global pandemic. The virus accelerated that pace, causing deep changes in the way that we live and work, almost overnight.
Now that the dust is beginning to settle, it has become clear that the impact of COVID-19 goes well beyond the sudden shift to remote work. Professionals will need to develop new skill sets to survive and thrive in the post-pandemic world. From podcasts and books to courses and coaching, the resources to help support that journey are available – but not always accessible.
What resources are available to help Canadian individuals and employers fund and access training? Like many countries around the world, Canada has planned long-term investments in grants, tax credits, and other programs to keep our workforce globally competitive.
Read on to learn about various professional development resources available across Canada, then click here to browse our Open Programs schedule and learn about our upcoming learning experiences.
The Canada Training Credit
Introduced in the 2019 budget as part of the Canada Training Benefit program, the Canada Training Credit (CTC) is a refundable tax credit that helps Canadians by covering up to half the cost of tuition and other training fees. All Ivey Academy programs are eligible for this credit.
Here’s how the CTC works:
- Starting in 2019, eligible individuals accumulate $250 towards a CTC limit each year, up to a lifetime maximum of $5,000
- You claim the CTC when you complete your income tax and benefit return for a year in which you completed a training or professional development program
To qualify for the CTC:
- You must be between the ages of 26 and 65
- Have filed a tax return for the previous year
- Have working income of $10,000 or more in the preceding year
- Have a net income that does not exceed the top third tax bracket ($147,667 in 2019)
- Be a Canadian resident
To learn more about the CTC, visit https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-training-credit.html
To view your current CTC limit, log into the My Account section of the Canada Revenue Agency website.
Canada Job Grant
The Canada Job Grant (CJC) offers an opportunity for employers to invest in their workforce by supporting the professional development of new and existing employees.
As a recognized training provider, CJG funding is available for The Ivey Academy’s Open and Custom programs, and can offset up to 2/3 of the program fee, up to $10,000 per individual.
The CJC is available in each province and territory, except Québec, with funding amounts and eligibility criteria varying slightly by province.
Alberta: Canada-Alberta Job Grant https://www.alberta.ca/canada-alberta-job-grant.aspx
British Columbia: B.C. Employer Training Grant (ETG) https://www.workbc.ca/Employer-Resources/BC-Employer-Training-Grant/What-is-the-B-C-Employer-Training-Grant.aspx to learn more.
Manitoba: Canada-Manitoba Job Grant https://www.gov.mb.ca/wd/ites/is/cjg.html
New Brunswick: Canada-New Brunswick Job Grant (CNBJG) https://www.mentorworks.ca/government-funding/human-resources-and-training/canada-new-brunswick-job-grant-cnbjg/
Newfoundland and Labrador: Canada-Newfoundland and Labrador Job Grant (CNLJG) https://www.gov.nl.ca/isl/foremployers/canada-nl-job-grant/
Northwest Territories: Canada-Northwest Territories Job Grant https://www.ece.gov.nt.ca/sites/ece/files/resources/canada-northwest_territories_job_grant_brochure.pdf
Nova Scotia: Workplace Innovation and Productivity Skills Incentive https://novascotia.ca/programs/workplace-innovation-productivity-skills-incentive/
Nunavut: Canada-Nunavut Job Grant (CNJG) https://www.gov.nu.ca/family-services/programs-services/canada-nunavut-job-grant-cnjg
Ontario: Canada-Ontario Job Grant http://www.tcu.gov.on.ca/eng/eopg/cojg/index.html
Prince Edward Island: Canada-Prince Edward Island Job Grant (CPEIJG) https://www.mentorworks.ca/government-funding/human-resources-and-training/canada-prince-edward-island-job-grant-cpeijg/
Saskatchewan: Canada-Saskatchewan Job Grant https://www.saskatchewan.ca/business/hire-train-and-manage-employees/apply-for-the-canada-saskatchewan-job-grant
Yukon: Canada-Yukon Job Grant https://yukon.ca/en/education-and-schools
Deducting Training Courses and Expenses
Tuition costs associated with certain programs can also be eligible for deductions.
Claim a tuition credit for eligible development programs by reporting the cost under the Tuition and Education Amounts of your annual tax return. When you complete an Ivey Academy program, contact your designated Program Manager to obtain a T2202 form.
To learn more about tuition deductions and the T2202 form, visit https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2202.html.