Executive education funding in Canada

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
  • Be a Canadian resident
  • Have filed a tax return for the previous year
  • Your Canada training credit limit (CTCL) for the year is more than zero
  • Tuition/fees were paid to an eligible educational institution or to certain bodies for an occupation, trade, or professional examination
  • Tuition/fees are otherwise eligible for the existing tuition tax credit

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 Alberta, British Columbia, Manitoba, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Ontario, and Saskatchewan.

Alberta: Canada-Alberta Job Grant

British Columbia: B.C. Employer Training Grant

Newfoundland and Labrador: Canada-Newfoundland and Labrador Job Grant (CNLJG)

Northwest Territories: Canada-Northwest Territories Job Grant

Nova Scotia: Workplace Innovation and Productivity Skills Incentive

Ontario: Canada-Ontario Job Grant

Saskatchewan: Canada-Saskatchewan Job Grant

 

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.