How can I get the most tax return out of flight training?

flyingsweetpotato · Post by **flyingsweetpotato** » Mon Sep 12, 2011 3:37 pm

I know guys who are going to colleges get their tax return easy.

If I go to a local flying school,
how I can prove to Revenue Canada that
I'm getting my CPL/Multi-IFR for my career and not for pleasure?

This was a few years ago, but I heard I only can get certain hours
(believe something like the first 40hr of PPL),
Can anyone confirm this?

Also, do students get charges 13% HST these days when they go flying?

I'm in Ontario. is it different for other provinces?

straightpilot · Post by **straightpilot** » Mon Sep 12, 2011 5:24 pm

Easy. Run drugs as a pilot and get caught. Assuming 15 years of incarceration, and given that it costs that taxpayer over $100,000 per year per prisoner, that's over 1.5 million dollars of tax money that you would get for one day's (failed) effort.

Anyone got a better return than $1.5M per day?

mike123 · Post by **mike123** » Mon Sep 12, 2011 5:44 pm

flyingsweetpotato wrote:If I go to a local flying school,
how I can prove to Revenue Canada that
I'm getting my CPL/Multi-IFR for my career and not for pleasure?

The FTU will issue you the tax form. At the bottom of the page you must certify that you intend to pursue a professional pilot career. That's all.

flyingsweetpotato · Post by **flyingsweetpotato** » Mon Sep 12, 2011 6:03 pm

mike123 wrote:
flyingsweetpotato wrote:If I go to a local flying school,
how I can prove to Revenue Canada that
I'm getting my CPL/Multi-IFR for my career and not for pleasure?
The FTU will issue you the tax form. At the bottom of the page you must certify that you intend to pursue a professional pilot career. That's all.

Is there limit these days on how much you could claim?

mike123 · Post by **mike123** » Wed Sep 14, 2011 4:27 pm

Is there limit these days on how much you could claim?

No limit, as far as I know.

photofly · Post by **photofly** » Wed Sep 14, 2011 5:07 pm

Minimum required hours for each rating/licence only:

the cost of dual and solo flying hours required to obtain the following licences or ratings, to the minimum flight training requirements of the Department of Transport, is considered to be part of the student's tuition:...

See paragraph 29 at http://www.cra-arc.gc.ca/E/pub/tp/it516 ... 6r2-e.html

Also, do students get charges 13% HST these days when they go flying?

Yes.

flyingsweetpotato · Post by **flyingsweetpotato** » Mon Sep 19, 2011 2:41 am

Thanks for the replies guys

justwork · Post by **justwork** » Sat Sep 24, 2011 5:35 am

How can I get the most tax return out of flight training?

Find a GOOD accountant and have them figure it out.

diazjoaquin · Post by **diazjoaquin** » Wed Dec 05, 2012 7:10 pm

straightpilot wrote:Easy. Run drugs as a pilot and get caught. Assuming 15 years of incarceration, and given that it costs that taxpayer over $100,000 per year per prisoner, that's over 1.5 million dollars of tax money that you would get for one day's (failed) effort.

Anyone got a better return than $1.5M per day?

lmao you made my night

CarbHeat · Post by **CarbHeat** » Sat Dec 08, 2012 5:34 pm

flyingsweetpotato wrote:how I can prove to Revenue Canada that
I'm getting my CPL/Multi-IFR for my career and not for pleasure?

Working on the CPL alone should be sufficient proof by its nature.

esp803 · Post by **esp803** » Sat Dec 08, 2012 11:23 pm

flyingsweetpotato wrote:No limit, as far as I know.

+1

I wrote off my entire Selkirk education last year, and promptly got audited, but passed with flying colors! Yay me... actually Yay my accountant!

E

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