Income Tax Return On Pilot Trainning Cost

[Helijason]

Its true, but when you do file for your return you have the option of claiming it all at once or breaking it up ove 4 years. You will get way more money back if you break it up over 4 years. Also when i went to school I had an Alberta student loan and a Canada student loan and after passing the course the Canada student loan deducted 10 grand off of what i owed back. It was a nice incentive to do well, not like getting my licence and becoming a helicopter pilot wasnt enough.

[Swissmatt]

Sounds like x-mas to me .. I had no idea this was possible. Nice to see that the country supports further training/education and recognizes piloting (driving? see other thread re. 'drivers' ) as such training .. :up:

 

Murdoch, you and me (and probably another 100h wannabes), definitely taking notes ..

[Rosco P C]

I was able to get a tonne of my tuition writen off as well. Last three years i've been able to get over $4000 back. And still have a bunch of school credits left. Just under a half i think. Keep in mind that school credits are only valid for 5 years after school is completed.

[100ft]

My CPL-H training retailed at $52K

 

After I claimed all of it as post-secondary tuition I received an attributed income tax return of $13K

 

The PPSEC (now under a new name and acronym) has nothing to do with this tuition deduction. That school designation only gives tha student the opportunity to finance some of their training from a student loan and therefore later write-off some loan interest. All commercial aviation training programs are considered post secondary education in Canada.

 

100'

[Figure 8]

I did the same thing as Ryan. I got back a ton of money. Not entirely sure what it all equalled in the end but what you get back will be based on what you make every year. After flight school when I finally started making REAL money again my return for that year alone was $8800. It was nuts!! Also get in touch with an experienced accountant and ask about RRSP possibilities. I did that as well and it worked out really well. Alberta Gov't gives out good loans for education. Between Fed and Prov gov't I got $21,000. I applied for loan remission after I got out of school and they suspended my payments for 6 months AND FORGAVE $10,000 of the loan. The crazy thing is, you still include that money for tax return purposes as paid tuition. It is an insane bonus!!!!

 

Find any loop hole you can and it WILL pay off!!! :up:

 

Also, if you can get a student loan instead of using a line of credit it will also pay off in the end. The amount of money you get to claim for interest paid is worth it. Better in your pocket than the banks!!

[Helijason]

Yes thats what i was trying to say

what school did you go to Figure8?

[heliben]

Yah! I did my training in 2002 in B.C. , cost $40,000 and in 3 years I got $8500 back in tax returns. If the school is an approved instituion you can write the entire amout off as tution expense. So say you get your licence then go out an make $70,000 ( dreaming right. 100hr pilot maybe gets $20,000 ) you would have paid like maybe $10,000 in taxes. You'd probaly get that all back or most of it. But that would be it after that. If you make like $20,000 that fist year you you paid like $1000 in taxes right so you'd get that back then next year you do that again and get some more back until your tution amount is used up. This how I did maybe a tax man can get more though. It sure helps when your a 100hr wonder living on beans and toast. Good Luck

[Pally]

It's a matter of having an intelligent & knowledgable accountant and you can get a whole shitload back.

 

Peace Out.

[shetechnic]

It's a matter of having an intelligent & knowledgable accountant and you can get a whole shitload back.

 

Peace Out.

 

 

This is absolutely wonder news! I never really thought about the student tax back thing! woot woot! ahhh yeah!

 

This thread was gooooooood!

[Fire Dave]

Pay for flight training with a Visa card with Air Miles, then pay it off with your line of credit. Great way to get Air Miles. I learned this from Travis at Canadian Helicopter.

 

Dave