Tag · Canada
education
Loopholes Tagged "education"
Plain-English guides to Canadian legal rights and workarounds related to education.
Easy If You Pay Taxes
Canada Training Credit — Up to $5,000 Back on Education Costs
Canadians aged 26–65 accumulate $250 in training credit room each year (up to a $5,000 lifetime limit) that can be claimed as a refundable credit against eligible tuition and training fees — most people don't know it's accumulating on their Notice of Assessment.
Medium If You're Saving for Retirement
RRSP Lifelong Learning Plan — Borrow From Your RRSP for School Without Immediate Tax
Canada's Lifelong Learning Plan lets you withdraw up to $10,000 per year and $20,000 total from your RRSP to fund full-time education for yourself or your spouse/common-law partner, without immediate withholding tax or income inclusion if you repay on schedule.