RECA Education Course Fees Now Eligible for Tuition Tax Credit
| February 27, 2014
The Real Estate Council of Alberta (RECA) is excited to announce that individuals who paid for and enrolled in RECA education programs in 2013 will be eligible to receive a Tuition Receipt they can use for Income Tax purposes.
Those individuals who paid for and enrolled in a RECA education program or course in 2013 will receive their Tuition Receipt by email on or before March 1. Please ensure your email address is up to date. Your broker can update your email address using the RECA Online licensing system.
If you do not receive a Tuition Receipt from RECA by March 7 and believe you are entitled to one, please contact RECA Education at email@example.com.
RECA’s ability to issue tuition receipts for income tax purposes is the result of the Minister of Human Resources and Skills Development certifying RECA as an education institution pursuant to the Income Tax Act.
The amount of the tuition tax credit is determined by multiplying the lowest federal tax rate percentage (currently 15%) by the amount of eligible tuition fees paid in the year to a qualifying educational institution (i.e. RECA). For example, if an amount of $1,500 has been paid for eligible tuition fees in 2013, the learner is entitled to a tuition tax credit of $225 for the 2013 tax year ($1,500 x 15%).
Please note, your RECA Education fees will not qualify for the Canada Revenue Agency’s (CRA) Tuition Tax Credit if they have been reimbursed to you by your employer. For more information about the CRA’s Tuition Tax Credit, please click here.