Writing off your scuba training on your income taxes (Canada)

[dmblack58]

G’day all

I was wondering if any of you might be able to shed some light on how you go about writing off your diving courses on your Canadian income taxes?

Does the training provider (dive shop) have to be certified by the Ontario Ministry of Training, Colleges and Universities or the federal Minister of Human Resources? Can I write off my equipment purchases as well? After all you can’t be a pro diver without gear. I know some dive shops like Dan’s in St. Catharines and Burton’s in Ottawa advertise that they issue T2202A forms which allow you to claim the amount of tuition paid on your taxes. The training provider also does not charge GST or PST on their course costs.

For those of you that don’t know the Tuition Tax Credit allows individuals to write off a percentage of their tuition (about 16%) for training. It is fairly straight forward when you are at a university or college but it’s less clear when you are in a more open apprenticeship based system like diver training.

Cheers, David

 

[colby]

You might want to spend a couple of $$$ and talk to a certified accountant.

 

[SubMariner]

G’day all

I was wondering if any of you might be able to shed some light on how you go about writing off your diving courses on your Canadian income taxes?

Does the training provider (dive shop) have to be certified by the Ontario Ministry of Training, Colleges and Universities or the federal Minister of Human Resources? Can I write off my equipment purchases as well? After all you can’t be a pro diver without gear. I know some dive shops like Dan’s in St. Catharines and Burton’s in Ottawa advertise that they issue T2202A forms which allow you to claim the amount of tuition paid on your taxes. The training provider also does not charge GST or PST on their course costs.

For those of you that don’t know the Tuition Tax Credit allows individuals to write off a percentage of their tuition (about 16%) for training. It is fairly straight forward when you are at a university or college but it’s less clear when you are in a more open apprenticeship based system like diver training.

Cheers, David

If memory serves, RevCan will not allow you to write ANYTHING off until you get to the pro level (DM or above). At that point you can write off all the accumulated training & gear expenses. However, eventually you have to show that you are EARNING money in order to justify the expenses. And even then, they only allow you to lose money for a certain length of time.

It would definitely be in your interest to talk to an accountant (CGA or CA).

Bonne chance,

 

[HarryWhisman]

If memory serves, RevCan will not allow you to write ANYTHING off until you get to the pro level (DM or above). At that point you can write off all the accumulated training & gear expenses. However, eventually you have to show that you are EARNING money in order to justify the expenses. And even then, they only allow you to lose money for a certain length of time.

It would definitely be in your interest to talk to an accountant (CGA or CA).

Bonne chance,

Same way in the states. A simple way of putting it is: You can write off everything you spend to make money. If you start writing stuff off, you'll have to show an income side somewhere.

 

[Love diving]

2nd job income is what this would fall under in the states. Once you start making money at it, then you can go back and write off what it took you to get there. You can write off the mileage!

 

[Britanicdiver]

if you are a commercial diver or running a dive shop or teaching and need teaching aids than yes you can use it against your losses.

Britanic