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How can I get the most tax return out of flight training?
Posted: Mon Sep 12, 2011 3:37 pm
by flyingsweetpotato
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?
Re: How can I get the most tax return for flying?
Posted: Mon Sep 12, 2011 5:24 pm
by straightpilot
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?
Re: How can I get the most tax return for flying?
Posted: Mon Sep 12, 2011 5:44 pm
by mike123
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.
Re: How can I get the most tax return for flying?
Posted: Mon Sep 12, 2011 6:03 pm
by flyingsweetpotato
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?
Re: How can I get the most tax return out of flight training
Posted: Wed Sep 14, 2011 4:27 pm
by mike123
Is there limit these days on how much you could claim?
No limit, as far as I know.
Re: How can I get the most tax return out of flight training
Posted: Wed Sep 14, 2011 5:07 pm
by photofly
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.
Re: How can I get the most tax return out of flight training
Posted: Mon Sep 19, 2011 2:41 am
by flyingsweetpotato
Thanks for the replies guys
Re: How can I get the most tax return out of flight training
Posted: Sat Sep 24, 2011 5:35 am
by justwork
How can I get the most tax return out of flight training?
Find a GOOD accountant and have them figure it out.
Re: How can I get the most tax return for flying?
Posted: Wed Dec 05, 2012 7:10 pm
by diazjoaquin
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
Re: How can I get the most tax return out of flight training
Posted: Sat Dec 08, 2012 5:34 pm
by CarbHeat
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.
Re: How can I get the most tax return out of flight training
Posted: Sat Dec 08, 2012 11:23 pm
by esp803
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!
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