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Executive Education Funding in Canada

Enhancing Career Growth: A Comprehensive Guide to Funding Resources for Professionals

Explore HR Funding Options for Employees

Resources for your Learning Journey

Executive Professional Development in Canada

Executive leaders pursue professional development for many reasons, including upskilling, career advancement, networking, wellness, and personal fulfillment. Canada has made long-term investments in grants, tax credits, and other programs to keep our workforce globally competitive. Here, we break down the funding resources available in Canada to help you navigate your professional development journey.

Why Financial Support Matters:

Financial support for leadership development is crucial to maintaining a competitive edge in today's competitive global market. Employers are increasingly seeking ways to provide management training funding and leadership development funding to ensure their teams remain at the forefront of industry advancements. Understanding the various corporate training and professional development grants available can significantly impact career development.

How to Secure Funding for Executive Education

Securing funding for executive education can significantly alleviate the financial burden on individuals and organizations. Understanding the various funding resources available for executives in Canada can help you make informed decisions and enhance your professional development.

Steps to Secure Funding:

  1. Identify Funding Resources: Research various funding options for senior leaders and HR funding resources in Canada. Look into grants, scholarships, tax credits, and corporate sponsorships for leadership development.
  2. Understand Eligibility: Each funding resource has specific eligibility criteria. Ensure you meet these requirements to qualify for funding.
  3. Prepare Documentation: Gather all necessary documentation, such as program details, costs, expected outcomes, and any other supporting materials required for the application.
  4. Submit Applications: Apply for grants and funding for HR leaders in Canada that align with your professional development goals. Make sure to follow the specific instructions and deadlines for each funding source.
  5. Follow-up: Keep track of your applications and follow up as needed to ensure your funding is processed. Regularly check the status of your applications and be prepared to provide additional information if requested.

Canada Job Grant

The Canada Job Grant (CJG) allows employers to invest in their workforce by supporting the professional development of new and existing employees. As a recognized training provider, CJG funding is available for The Ivey Academy’s Open and Custom programs. It can offset up to 2/3 of the program fee, up to $10,000 per individual.

Benefits of the Canada Job Grant:

  • Offsets up to 2/3 of training costs, up to $10,000 per individual.
  • Enhances employee skills, leading to increased productivity and innovation.
  • Supports both new and existing employees.

How to Apply for the Canada Job Grant

Application Steps:

  1. Identify Training Needs: Assess the skills gaps within your organization.
  2. Select a Program: Choose an eligible program from The Ivey Academy’s Open and Custom offerings.
  3. Apply for Funding: Submit your application through the relevant provincial program.
  4. Receive Funding: Once approved, use the grant to offset training costs.

Provinces with Canada Job Grant Availability:

Contact an Advisor

The Canada Training Credit

What is the Canada Training Credit?

Introduced in the 2019 budget as part of the Canada Training Benefit program, the Canada Training Credit (CTC) is a refundable tax credit that helps Canadians cover up to half the cost of tuition and other training fees. All Ivey Academy programs are eligible for this credit.

Here’s how the CTC works:

  • Starting in 2019, eligible individuals accumulate $250 towards a CTC limit each year, up to a lifetime maximum of $5,000
  • You claim the CTC when you complete your income tax and benefit return for a year in which you completed a training or professional development program
Learn More about the CTC

What is the Eligibility Criteria for the CTC?:

  • Age: Between 26 and 65.
  • Residency: Must be a Canadian resident.
  • Tax Return: Filed a tax return for the previous year.
  • Credit Limit: Have a Canada training credit limit (CTCL) for the year that is more than zero.
  • Tuition Fees: Paid to an eligible educational institution or for an occupation, trade, or professional examination. Tuition/fees must be eligible for the existing tuition tax credit.

To view your current CTC limit, log into the My Account section of the Canada Revenue Agency website.

Deductions for Training and Expenses

How to Claim Deductions for Training and Expenses

Tuition costs associated with certain programs can also be eligible for deductions. Claim a tuition credit for eligible development programs by reporting the cost under your annual tax return’s ‘Tuition and Education Amounts’ section. Once you complete an Ivey Academy program, contact your designated Program Manager to obtain a T2202 form.

What are the steps to claim deductions?:

  • Complete the Program: Enroll and complete an eligible program at The Ivey Academy.
  • Obtain a T2202 Form: Contact your Program Manager for the necessary documentation.
  • Report on Tax Return: Include the tuition costs under ‘Tuition and Education Amounts’ in your tax return.
Read More

Additional Tips:

  • Network with Peers: Connect with other executives and HR leaders who have successfully secured funding. They can provide valuable insights and tips.
  • Consult an Advisor: Seek guidance from advisors at institutions like The Ivey Academy. They can help you navigate the funding landscape and maximize your professional development investments.
  • Stay Informed: Keep up-to-date with new funding opportunities and changes in eligibility criteria by regularly checking relevant websites and subscribing to newsletters.