QC is a Certified Education Institution with Employment and Social Development Canada. At the end of the year, we’ll be sending you a T2202 tax receipt for the course fees you paid during the year. You can use the receipt to get a tax refund.
You’ll be able to claim:
- The Canada Training Credit and
- The Tuition Tax Credit
Canada Training Credit
Most QC students can benefit from the Canada Training Credit. Starting in 2020, the federal government puts $250 into your training account each year you filed a tax return. You can draw on the account to get a tax refund. Check out the rules here. If you qualify, you can get as much as 50% of your course fees back.
See details here.
Tuition Tax Credit
Any amount of your tuition that you don’t claim under the Canada Training Credit can be claimed under the Tuition Tax Credit. You can get back 15% of the amount claimed from the federal government. Your province may also provide a tax credit. Learn more here.
Getting Your T2202 Receipt
At tax time you’ll be able to access your T2202 receipt in the My Account section of your online student center. We also send a copy to the CRA.
Tania’s Course Enrollment Details
Tania decides to enroll in the Event and Wedding Planning course. She saves $300 by paying in full.
Course Cost: $1384
Pay-in-Full Discount: $300
$1384 − $300 discount = $1084
She wants to use the Canada Training Credit. Her Canada Training Credit Limit (CTCL) is valued at $1000 for the tax year.
She can claim the lesser of her CTCL or 50% of eligible tuition fees. Half of her tuition fees works out to be less:
$1084 × 50% = $542
Tania receives a refund of $542 at tax time.
Next, Tania would like to claim the Tuition Tax Credit on the unclaimed $542 balance. The lowest federal tax rate of 15% is applied to this amount:
$542 × 15% = $81.30
Tania is able to reduce the amount of tax that she owes at tax time by $81.30.
In this case Tania was able to use tax credits to reduce the cost of her tuition by $623.30. With her full payment discount, Tania was able to save a total of $923.30.
Rules for the way the credits work reflect your personal tax situation. Please reach out to your personal accountant for further guidance.