admin Apr/ 21/ 2019 | 0
Skills has been a consistent theme for the Liberal government. As part of the 2017 budget, the Innovation and Skills Plan was announced to inform Canadians about the know-how required for the evolving nature of work.
CANADA TRAINING BENEFIT
The budget points out that the evolving nature of work means that people may change jobs many times over the course of their working lives—or may require new skills to keep the jobs they already have.
This year’s budget introduces the Canada Training Benefit to help those get the training they need. Every year, eligible workers between the ages of 25 and 64 would accumulate a credit balance of $250—up to a lifetime limit of $5,000—to help cover the cost of up to half of eligible tuition and fees associated with training. To be eligible for the refundable tax credit, workers must have earned at least $10,000 and an income less than $150,000 a year.
“In order to be effective, government needs to ensure quality control of the eligible training and accountability by means of measurable outcomes,” says Sarah Anson-Cartwright, CPA Canada’s director of public affairs. “This is especially true since skill demands will change quickly in today ever-evolving economy. Ensuring that those most in need of help are made aware of the assistance available is essential for the initiative to succeed.”
EI TRAINING SUPPORT BENEFIT
The initiative also includes the Employment Insurance (EI) Training Support Benefit, to provide income support for those requiring time off work due to skills training. The benefit is expected to be launched in late 2020 and would give workers up to four weeks of income support, paid at 55 per cent of their average weekly earnings, as well as leave provisions that would protect workers’ ability to take the time away.
To help make the new benefit work for small businesses, any business that pays employer EI premiums equal to or less than $20,000 per year would be eligible for a rebate to offset the introduction of the EI Training Support Benefit.
