You Could Get Up To $2K Back From Ontario For Doing Job Training Programs In 2022
You might be able to cash in on some of your tuition expenses!
The Ontario government has announced that it is extending the Jobs Training Tax Credit, which means you could get up to $2,000 back for job training.
The Ontario government announced its 2021 Ontario Economic Outlook and Fiscal Review: Build Ontario on November 4, which includes the proposal to "extend" the personal income tax (PIT) Jobs Training Tax Credit into 2022.
The rules around this PIT will be the same as last year and will refund eligible individuals 50% "of eligible expenses for the year," up to $2,000, according to the Ontario government.
The Jobs Training Tax Credit covers expenses like tuition, "fees paid to an eligible educational institution in Canada for courses taken in the tax year, or fees paid to certain bodies regarding an occupational, trade or professional examination taken in the year."
Other expenses that are eligible include occupational skills courses offered by universities or colleges, postsecondary education courses and more.
To claim the credit, you must be a resident of Ontario as of December 31, 2022, and have a "Canada training credit limit for the year that is greater than zero."
You also have to be between the ages of 26 and 65 years old.
This article's cover image was used for illustrative purposes only.