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Canada Training Credit is a new refundable tax credit proposed as part of the 2019 budget, aimed at supporting individuals in pursuing further education and professional development. The credit will be available for eligible tuition and other fees paid for courses taken in 2020 and subsequent taxation years. Individuals can accumulate $250 each year towards their Canada Training Credit limit, up to a maximum of $5,000 in a lifetime.

The credit will be the lesser of the individual’s Canada Training Credit limit for the taxation year and half of the eligible tuition and fees paid to an eligible educational institution. The credit claimed will reduce the individual’s tax owing, and any excess will be refunded. Eligibility criteria include being a resident in Canada throughout the year, filing an income tax and benefit return, and having a Canada Training Credit limit greater than zero.

The credit aims to empower individuals to invest in their ongoing education and skill development, and contribute to the growth of a knowledgeable and skilled workforce