Does anyone know how much of a tax deduction you can write off with a CPL? I am almost complete my training for a PPL and will take the next step. Also, if you pursue the CPL, is any part of the PPL tax deductable? I am trying to find some clever ways to finance my training...which you all know can sometimes be quite challenging.
Cpl Tax Deduction
- Thread starter Greg
- Start date
The costs associated with your CPL training are fully deductable, just as they would be if you were in college or university...
As for the PPL, it only becomes deductable once you have completed your CPL and have your license, as it was a requirement for your CPL. The days where the govt allowed PPL deductions are gone, unfortunately...
Hope this helps...good luck.
As for the PPL, it only becomes deductable once you have completed your CPL and have your license, as it was a requirement for your CPL. The days where the govt allowed PPL deductions are gone, unfortunately...
Hope this helps...good luck.
donnybrook
Member
- Jul 3, 2003
- 92
- 0
Is there now a req't to hold a ppl before completing your cpl? I thought you could just go for the commercial?
DB,
You are correct. They are separate entities however I believe snowedin was suggesting an accounting means of claiming your ppl costs as being part of a cpl you decided to complete after the fact. Perhaps snowedin can relate knowledge of someone doing it this way. Also, Revenue Canada has a form TL11B (which should be found on their website). I would take that form to an acountant or other income tax professional to determine your eligibility.
When I did my cpl (plus a couple of add-ons) the total cost was $52 000. After income tax tuition deductions at the following tax time I figured my net cost was around $39 000. If financing approval is a make or break issue you may want to consider asking the bank for the 75% and a relative for a 25% short term loan to get you to tax time. Please do your own math before relying on my numbers though. To calculate my options I did was several scenarios of tax return; with cpl, without, with cpl and various RRSP deposits ect to find the optimum formula for for that year.
100'
You are correct. They are separate entities however I believe snowedin was suggesting an accounting means of claiming your ppl costs as being part of a cpl you decided to complete after the fact. Perhaps snowedin can relate knowledge of someone doing it this way. Also, Revenue Canada has a form TL11B (which should be found on their website). I would take that form to an acountant or other income tax professional to determine your eligibility.
When I did my cpl (plus a couple of add-ons) the total cost was $52 000. After income tax tuition deductions at the following tax time I figured my net cost was around $39 000. If financing approval is a make or break issue you may want to consider asking the bank for the 75% and a relative for a 25% short term loan to get you to tax time. Please do your own math before relying on my numbers though. To calculate my options I did was several scenarios of tax return; with cpl, without, with cpl and various RRSP deposits ect to find the optimum formula for for that year.
100'
