Training Bonds Tax Deductible?

Thidwick · Post by **Thidwick** » Sun Mar 01, 2009 9:16 pm

Does anyone know if a training bond is tax deductible if you pay it off? Can it be written off as an education expense?

Johnny#5 · Post by **Johnny#5** » Sun Mar 01, 2009 10:47 pm

Hopefully its ok cause i'm claiming 6 grand under Employment Expenses since the employer wasnt a certifiied educational institution.

avi8tr · Post by **avi8tr** » Mon Mar 02, 2009 6:25 am

You sure can!!! Did it a year ago!!!! Nice REFUND !!!!!!!!!!

WhatThe? · Post by **WhatThe?** » Tue Mar 03, 2009 7:48 pm

Me too,

Recommend using an accountant so it looks legal to the government, and do a paper return, not efile. Saves headaches.

Employment expenses!!!

Johnny#5 · Post by **Johnny#5** » Wed Mar 04, 2009 9:44 am

Paper return, really? What happens if you Netfile it...you get audited for sure?

. . · Post by **. .** » Wed Mar 04, 2009 10:17 am

3 guys from work got audited and had to repay the bond deductions, with interest. I'd be very careful. You may slip it past the goalie on the first try, this goalie can audit you and then add interest whenever they like though.

Johnny#5 · Post by **Johnny#5** » Wed Mar 04, 2009 1:59 pm

oh....

crap...

mattedfred · Post by **mattedfred** » Wed Mar 04, 2009 4:15 pm

don't you need a T2200 form or whatever for employment expenses?

how can you write off the bond if you are getting reimbursed for it?

if you went and bought a PPC maybe it would work

i don't get it but i haven't taken a second to research this as i don't have a bond and was just curious

Johnny#5 · Post by **Johnny#5** » Wed Mar 04, 2009 6:39 pm

This is question #1 of the form T2200 (Employment Expenses).....

"Did this employee's contract require the employee to pay his or her own expenses while carrying out the duties of employment?

If no, the employee is not entitled to claim employment expenses, and you are not required to answer any of the other questions."

...I`m not so sure my ex-employer would fill this out and sign it, and so I doubt I`ll be able to claim a bond repayment

RA-DOME · Post by **RA-DOME** » Thu Mar 12, 2009 7:51 pm

anyone out there try to claim additional hours such as ATPL PIC requirements in rental aircraft?

what may that fall under?

Martin Tamme · Post by **Martin Tamme** » Sat Mar 14, 2009 11:25 pm

Johnny#5 wrote:This is question #1 of the form T2200 (Employment Expenses).....

Wrong form.

Try T777: http://www.cra-arc.gc.ca/E/pbg/tf/t777/

Johnny#5 · Post by **Johnny#5** » Mon Mar 16, 2009 6:56 pm

Cool, thanks! I'll give that one a try....

Martin Tamme · Post by **Martin Tamme** » Mon Mar 16, 2009 10:21 pm

Under "Other Expenses", write in: Aircraft Type Pilot Certification

Make sure you attach receipts. Without receipts, they will question you.

wordstwice · Post by **wordstwice** » Tue Mar 17, 2009 6:21 am

Training Bonds Tax Deductible?

Training Bonds Tax Deductible?

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