Financing Your Education at MTI

MTI is fully accredited as a Post Secondary Institution and is recognized by the Federal and Provincial Government as a school that qualifies for the Lifelong Learning Program. There are many options available for financing driver training. The MTI Way program qualifies for student line of credit programs such as:

Check with your bank or credit union to see if you qualify or check out the links on our links page to learn more about the available loan programs.

MTI is working with our industry partners to provide additional financing options so check back with us from time to time to see what new options are available. Email us at info@drivemti.com and tell us you are interested and we will contact you when new programs are introduced.

More Ways to Finance The MTI Way Program

Most students pay for their course using a combination of the following types of financing:

Savings

One of the lowest cost methods of financing your MTI program is with money you have saved.

Registered Education Savings Plan

Funds in a Registered Education Savings Plan (RESP) can be accessed to attend training with Mountain Transport Institute. Mountain Transport Institute Ltd. is a designated post-secondary institution and is recognized by the Canada Revenue Agency.

RRSP – Lifelong Learning Plan

You can also use funds from your RRSP or your spouse’s RRSP to pay for the tuition costs at Mountain Transport Institute. Mountain Transport Institute Ltd. is a designated post-secondary institution and is recognized by the Canada Revenue Agency. The RRSP Lifelong Learning Plan allows an individual to:

  • Withdraw tax-free up to $10,000 per year to a total of $20,000
  • The withdrawal must be from student’s personal RRSP or his or her spouse’s or common law partner’s RRSP. The rules do not allow a withdrawal from a parent’s RRSP.
  • The funds must be repaid within 10 years.

www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/llp-reep/menu-eng.html

Employment Insurance

If you are on EI or have been on EI in the last few years you may be eligible for Skills Training funding. Contact your WorkBC counselor for further details.  You will be required to prepare a training package proposal for approval. Currently there is a $7,500.00 cap in place for tuition,(transportation and accommodation assistance may also be available).

If you are not currently collecting EI but have within the last 3 years (5 years if you were on maternity leave) you may qualify for the Reach Back program. The Job Creation Partnership program may pay for part or all of the tuition cost of The MTI Way Program. Contact your local Work BC office for more details.

WorkBC Offices in our local area –

Castlegar and Nelson:

Trail:

 

Tax Deductible

Tuition fees paid to MTI are tax deductible.