Training bond Write off with CRA

[Vectorvictor1304]

Good day all,

I’m curious if anyone here has been successful in writing off their training bonds in their income tax with the CRA. I’ve gotten a receipt, a T2200, and a copy of my contract all ready to go.

Let me know your experiences please.

Vecvic

[780Pilot]

Talked with my accountant about a bond I’ll be writing off this year. All the documents in hand etc. He said it should be fine however the CRA might come asking why it’s an “employment expense” worst case I have a valid story to tell.

[DanWEC]

Did you pay it off because of departure, or pay up front for training??

If you moved employers and aren't on the same type, you could proceed under the assumption that it isn't a lasting benefit and is just part of a professional training program, all good.

[wallypilot]

It’s simple, It’s an education expense just like tuition at university. You need a t2202. Employer is obliged to provide if they can. I’ve done it, no problem. If employer can’t provide t2202 due to their status with CRA, then get a written letter receipt that you are paying for training. Ask employer for invoice from training center as well. Without the t2202 it is more of a pain, but can be done.

[piperdriver]

Or hear me out, grow a set and tell your employer to shove their training bond right up their @$$!!!

[CaptDukeNukem]

I tried to write off a T2202 for ATP/CTP course with no luck. The tuition form is for “approved educational establishments”. Unfortunately, your typical 705 airline does not qualify and you’ll end up paying back taxes.

“Designated educational institution
Designated educational institutions include:

Canadian universities, colleges, and certain other educational institutions
Canadian educational institutions certified by Employment and Social Development Canada (ESDC) providing courses that develop or improve skills in an occupation, other than courses designed for university credit
universities outside Canada where the qualifying student is enrolled in a course that lasts at least three consecutive weeks and leads to a degree at the bachelor level or higher
universities, colleges, or other educational institutions in the United States that give courses at the post-secondary school level, if the qualifying student is living in Canada (near the border) throughout the year and commutes to that institution”

But hey, good luck. I tried, and failed.

I assume the same level of progress, especially if the training bond is repayed to you, or there is ZERO money upfront

[DanWEC]

I'm not an accountant and I don't take any responsibility for my dubious free advice, but here it is anyways.

You can't claim an education amount as tuition unless it's from a registered college. What you can do is enter the amount as "other expenses" on a form t777, then you transfer that amount under Employment Expenses onto your return.
Again, this may be horribly misguided as far as I know but I suggested it to someone else and it worked for them.