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A recent announcement from the Federal Government of Canada bodes well for professionals interested in accelerating their career with digital skills training.
We’ve written about Canada’s tech talent gap, citing recent reports that 72 percent of CEOs are concerned about the availability of digital skills. The introduction of a new tax benefit further illustrates the importance of empowering professionals with the skills they need for the future.
The new Federal Liberal budget is introducing a Canada Training Benefit to compensate for some of the costs associated with learning new professional skills. The purpose of this credit is to help bridge the gap between the skills the job market is demanding and the skills Canadian professionals have.
“We will be able to make an enormous difference for people in terms of the worry that they have the skills for tomorrow,” Finance Minister Bill Morneau explained at a news conference. “The Canada Training Benefit will allow people to have more time, [and] have the ability in that more time to continue to provide for their family and also to pay for training courses.”
What is the Training Benefit?
The Training Benefit will be a refundable tax credit, of around $250 annually (which can be accumulated over multiple years) to use towards training at eligible institutions including universities, colleges and more.
The government plans to launch this benefit in 2020, and it will be offered to Canadian professionals between the ages of 25 and 64 who are earning annual salaries of between approximately $10,000 and $150,000.
How Will it Work?
In order for the Canadian Training Budget to be a success, the Federal Government is urging provinces to create better legal protection for workers who take time off work to participate in job-skill training.
The Training Budget will require cooperation from federal and provincial levels of government, in addition to businesses and employers in Canada.
Why it Matters
The need for skills training is growing rapidly alongside the rate of technology innovation in Canada, and the focus on digital is evident.
The BrainStation Digital Skills Survey found that 74 percent of organizations are actively involved in digital transformation, and 63 percent said that they’re increasing digital investments. This need for education and skills development applies to many workers, across multiple levels and industries.
“This includes young and unemployed people who need help getting into the job market,” said Bill Morneau in a speech to Parliament. “And it also includes more experienced workers, who worry that their existing skills might not be enough for them to find and keep good jobs until it’s time to retire, or who want new skills so that they can move up in their current jobs.”
With the Canadian Government on board to help close the digital skills gap, it’s up to professionals to make the change in their own careers.
If you’re interested in digital skills training, BrainStation offers diploma programs and certificate courses on the full digital product lifecycle including data, design, development, marketing, product, and more.