Education Funding Options with Knowledge Bureau

Taking a Knowledge Bureau training program this year?  There are numerous funding options to help make your professional studies more affordable, including financing by Knowledge Bureau, funding through a student’s own tax assisted savings plans and CRA tax assistance through various tax incentives.

However, what’s deductible depends on who you are and what programs you will be involved in.

Knowledge Bureau is certified by the Minister of Employment and Social Development Canada (ESDC) as an educational institution providing courses, other than courses designed for university credit that furnish a person with skills for, or improve a person’s skills in, an occupation. An occupation, for this purpose, is considered to be employment as well as a profession, vocation, or trade.

Students may take advantage of numerous ways to qualify for reduced tuition fees or tuition assistance, as described below:

Reduced tuition Fees for Individual Students.  Tuition fee reductions are available to students who pay for their courses in full and within a seasonal enrolment deadline (see below).  For example:

• Online - Certificate courses:  Tuition fee reductions of up to 25% may be received when students provide full payment for diploma or designation program enrolments.
• Live – Distinguished Advisor Workshops (DAW):  Choose from three regional Canadian workshops to enrich online studies with instructor-led sessions and peer-to-peer learning and networking.  Best tuition fees result when you choose all three workshops and pay in full.
• Live - Distinguished Advisor Conference (DAC):  Register before October 1 for final registration -  this year’s event; register before November 15 for best tuition -  next year’s event.
• EZ-Y Instalment Payment Plan:  Knowledge Bureau offers inexpensive financing options for single certificate course registrations as well as, diploma and designation programs.  See pdf application forms and online registration sites or call 1-866-953-4769 for details.

Time limited Early Bird Enrolment Opportunities:  Seasonally, Knowledge Bureau will provide a limited time registration bonus specific to an enrolment deadline date:

• Online Courses: March 15, June 15, September 15 and December 15
• Distinguished Advisor Workshops:   January 10, May 15 and October 15. 
• Distinguished Advisor Conference:  December 15, February 15, June 30, September 30.

Please be sure to subscribe to Knowledge Bureau Report for notification of early registration deadlines to your email box.

Returning Students and Designates:   Qualify for Returning Client and VIP Designate rates.  Please enrol through your Virtual Campus registration page.

GROUP DISCOUNTS FOR BUSINESSES WHO TRAIN STAFF:

Business Builder Programs for Employee Training:  Knowledge Bureau customized training options for your practices.  You can mix and match courses from our designation programs and enroll multiple employees or associations using our Business Program:

Single courses, multiple students:  When 2 or more students in the same office want to start the same course at the same time, The Business Builder Program provides discounted tuition when more than one employee takes a designation program.   See pdf application forms and online registration sites or call 1-866-953-4769 for details.

Corporate Partner Supports:  Knowledge Bureau will provide co-op funding for attendance at live events (DAW and DAC) for corporate partners who bring groups of advisors to live events.

TAX ASSISTANCE FROM CRA:

Tuition, Education, and Textbook Credits. Tuition paid in excess of $100 paid for a course of studies at a post-secondary level will be eligible for the tuition amount.  For study before 2017, students may also be eligible for a full-time or part-time education and textbook amount.  Any unused education and textbook amounts at the end of 2016 may be carried forward to be claimed in future years but no new education and textbook amounts can be earned after 2016.

Student loan interest write–offs. Students who accumulate interest on student loans may claim a non-refundable credit for the interest paid in the current year plus any interest paid in the prior five years that has not yet been claimed.  The credit is 15% of the interest paid by the student or a person related to the student.  However, where the loan comes from is important:  it must be received under the following sources and cannot be combined with any other loans:

• the Canada Student Loans Act;
• the Canada Student Financial Assistance Act;
• the Apprentice Loans Act; or
• a similar provincial or territorial government laws.

Employer-paid tuition:  Employers may deduct the cost of tuition as a business expense if the programs are of benefit to the employer's business.  In that case, tuition paid for employees will not be a taxable benefit and the student will not be eligible to claim the tuition tax credit.

Tuition Fee deductibility. Tuition fees paid to Knowledge Bureau qualify for the tuition fee credit, as explained below under Tax Assisted Funding Options and students may qualify for other tax preferences, depending on whether the student is in full time or part time attendance with Knowledge Bureau. Please note:

Full time attendance.  Knowledge Bureau will consider the student to be in full time attendance for purposes of funding under the RRSP Lifelong Learning Plan and tuition/education amount if that student enrols in a designation program.

• Enrolment period – Full Time Students.  The designation program must be completed within a 6 month enrolment period.

Part time attendance.  Knowledge Bureau will consider the student to be in part-time attendance with Knowledge Bureau for the purposes of CRA (Canada Revenue Agency) requirements.

• Enrolment Period – Part Time Students:  For part time students, a maximum of 4 months for each certificate course taken.

Business Expense Deductibility – training costs.  In some cases, self employed students may claim the cost of training as a business deduction.  Students are referred to IT 357R2 for CRA’s interpretation of the rules.  Of specific note in the bulletin:

• Training costs are not deductible as current expenses if they are capital expenditures (that is, they result in a lasting benefit to the taxpayer i.e., where a new skill or qualification is acquired (ie. training as a specialist).  In this case, students should consider using the tuition fee credit instead.  However, if training is to maintain, update or upgrade an existing skill or qualification, the related costs are deductible as a current expense. Examples of fully deductible programs:
  • A professional development course is taken as required or recommended by a professional body to maintain professional standards.
  • A tax course is taken by a lawyer or accountant who is qualified to do tax work, whether or not he or she has previously been actively involved in such work.
• Any portion of costs that are personal or unreasonable are not deductible

Business Conferences.  The deduction for conferences is limited to two per year.

The Distinguished Advisor Conference™ (DAC) is held in locals where Canadians go to retire to determine the economic, retirement, investment, currency, health risk management and tax environment for which tax and wealth planning is required.   This makes the educational programming unique and specific to the wealth management needs of clients and unavailable elsewhere in North America.  Delegates should seek professional advice for tax deductibility in their personal circumstances.

Several other criteria may exist for out of country conventions. CRA may question the deductibility of expenses incurred attending a course held in a distant location or in a recognized holiday area. The fact that a training course in such a location or area was of relatively short duration and was followed by a personal holiday may indicate that the costs claimed, or a portion of such costs, are not deductible training expenses but are personal expenses.

PROGRAM PRE-REQUISITES

Knowledge Bureau provides training at a post-secondary level, that is, a high school diploma (or equivalent) is a required prerequisite for entry into our online certificate courses.  Also accepted as equivalency are the following:

1. Graduation from one Knowledge Bureau Certificate course and/or
2. Existing employment or entrepreneurship within the tax, accounting, bookkeeping or financial services with existing certification, designation, or license in the industry sector and/or
3. At least three years’ experience in the industry sector

Continuing Education/Continuing Professional Development:  Knowledge Bureau also welcomes professionals who seek an academic path to CE/CPD.  Choose Distinguished Advisor Workshop (10 hours), Distinguished Advisor Conference (up to 15 hours), or online certificate courses (2 hours for free trials; 30 hours for full credit courses).

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