[Verse 1] Sarah's a consultant with skills to grow Wants to learn new software for her portfolio But there's a rule she needs to know Training must connect to her current flow Can't deduct a course for a brand new career Must relate to business she's doing here The taxman wants to see that connection clear Between what she learns and her work this year [Chorus] Three limits to remember when you want to learn Connect, be reasonable, know where benefits turn Current business activities, that's the first concern No amount limit but reasonable return Corporate training costs, employees don't get burned Three limits to remember, three lessons to learn [Verse 2] Mike runs a marketing firm downtown Wants to spend fifty thousand to gain renown In advanced digital strategy profound But wait, his revenue's only ten thousand found The training must be reasonable they say Compared to income that flows your way You can't spend more than makes sense today Proportional spending is the CRA way [Chorus] Three limits to remember when you want to learn Connect, be reasonable, know where benefits turn Current business activities, that's the first concern No amount limit but reasonable return Corporate training costs, employees don't get burned Three limits to remember, three lessons to learn [Bridge] If you've incorporated and staff you employ Training costs become a corporate ploy Deductible expense that you can enjoy Employee gets learning without tax to destroy No taxable benefit on their T4 slip Just knowledge and growth on their learning trip [Verse 3] Lisa's incorporated with a team of three Sends them all to conferences by the sea Twenty thousand spent on skills so free Corporate expense deduction, easy as can be Her employees learn without tax to pay Benefits them all in every way The corporation writes it off today While knowledge compounds day by day [Chorus] Three limits to remember when you want to learn Connect, be reasonable, know where benefits turn Current business activities, that's the first concern No amount limit but reasonable return Corporate training costs, employees don't get burned Three limits to remember, three lessons to learn [Outro] Connect to current work you do Reasonable amounts ring true Corporate training benefits two Three limits guide you through
← 2 Conference and Training Travel | 1 When Travel Is Deductible →