JLMG Posted April 6, 2006 Report Share Posted April 6, 2006 Hi I am an AME with some years experience, I am thinking about going the pilot-engineer route now..... I am right now (in my tent waiting for my Heli to come back) calculating how much income tax return would I be able to get out of the $48800 (90h R22, 10h AS350) the trainnig would cost me (the company pays 10% of the cost, hence the price). Anyone know how much the gov. would return me out of the trainning price tag?, it would be a good thing to know when asking for the loan....and a good argument for the wife's approval too By the way, if the returns depends on the province I live in, well Quebec is the answer Thanks J Quote Link to comment Share on other sites More sharing options...
Skidz Posted April 6, 2006 Report Share Posted April 6, 2006 Well, I'm assuming you work for CHL, 'cause I think they're the only ones subsidising AME flight training anymore. I'm in Québec as well. Depending on your marginal income tax rate, you'll get back somewhere between 20 and 30% of your training costs. Quote Link to comment Share on other sites More sharing options...
TopFuel Posted April 7, 2006 Report Share Posted April 7, 2006 My accountant is a private pilot (fanatic). He isnt mickey mouse...Look into running a business. In the long run you can right off more on the business than you can for trianing/education. I havent proved it yet. Cheers Quote Link to comment Share on other sites More sharing options...
1huvrluvr Posted April 7, 2006 Report Share Posted April 7, 2006 if i'm not mistaken, when I was at the Pilot shop (aviation world) at the Van airport, a few years back. I beleive I saw a book writen on just how to do such a thing dont know if it still exists or who wrote it. Maybe someone else here knows of which one i'm talkin about. This place is like the "aviators google". :up: Quote Link to comment Share on other sites More sharing options...
Ryan Posted April 8, 2006 Report Share Posted April 8, 2006 After training I was able to get about 60% of my training back as tax credits, though not all at once of course. It'll take a few years to get it all back, but at least I can look forward to tax season now. :up: Quote Link to comment Share on other sites More sharing options...
JLMG Posted April 8, 2006 Author Report Share Posted April 8, 2006 After training I was able to get about 60% of my training back as tax credits, though not all at once of course. It'll take a few years to get it all back, but at least I can look forward to tax season now. :up: How did you get that much? care to explain? Thanks J Quote Link to comment Share on other sites More sharing options...
Ryan Posted April 9, 2006 Report Share Posted April 9, 2006 My instructor turned me on to it. If the school is PPSEC (or whatever it's called) approved then you can claim your training funds as tuition in post secondary education. There is some form you get from the tax folks to give to the school. School fills it out, you give it to the tax dude along with every single receipt the school ever gives yuo and presto! Was able to write off the whole $51K as tuition. Not too shabby. Was hoping I'd get it all 60% back at once, but it's limited to tax laws and lingo that are beyond me. Still though got about $2000 back this year, and $1500 last year. Tax season is better than Christmas for me now. :punk: Taking a wild guess, I think the tax form you need to get is a T28A or something like that. Quote Link to comment Share on other sites More sharing options...
Swissmatt Posted April 9, 2006 Report Share Posted April 9, 2006 Great thread guys, early soaking up answers and taking notes .. Appreciated! Quote Link to comment Share on other sites More sharing options...
1huvrluvr Posted April 9, 2006 Report Share Posted April 9, 2006 Same here Ryan, the secret is the PPSEC Private Post Secondary Blah Blah. creditation.Most heli schools are and they will give you the forms. Quote Link to comment Share on other sites More sharing options...
Murdoch Posted April 9, 2006 Report Share Posted April 9, 2006 This is fantastic! I never knew you could get a bunch of money back. I thought at least a tax break but up to 60% back? This is great. Thanks Ryan. and thanks JLMG for making this thread. Now I'm not going to feel so drained after dropping 50-60 k on training. Swissmatt, you and me both man, takin' notes. Quote Link to comment Share on other sites More sharing options...
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