Tax Tips-ONTARIO Jobs Training Tax Credit for 2021 & 2022

For the years 2021 and 2022, the Ontario Jobs Training Tax Credit provides 50% of a person’s eligible training expenses of up to $4,000 for a maximum refundable tax credit of $2,000 per year.  Here are the various conditions and eligibility requirements:

1.  You must be an Ontario resident on December 31 of that year.

2.  You must be aged between 26 to 65 years old at the end of that year.

3.  You must have a positive Canada Training Credit limit for that year.  You can find your Canada Training Credit limit on your latest Notice of Assessment.  The Canada Training Credit limit is the accumulation of $250 each year since 2019 for those who are at least 25 years old and under 65 years old.  There is no accumulation for any year that the person has total income of less than $10,000 from employment, business, maternity or paternal benefits.  There is also no accumulation for any year that the person’s net income exceeds the top third bracket in that year ($151,978 in 2021). 

4. Eligible training expenses include:

- tuition and fees paid to university or college for which a T2202 receipt is issued. 

- fees paid to a professional association, provincial ministry or similar institution for an occupational, trade or professional examination required to obtain a professional status, or to be licensed or certified as a tradesperson.

If you would like to learn more or to set up a consultation call Marlies Y Hendricks, CPA at 416-766-3941.

The above information is of a general nature only and should not be relied upon for specific situations.