Tax credits for students

 

Canada is one of the world’s best countries to live and do business in. Paying taxes is not fun, but as Canadians, we understand that taxes pay for the things we rely on day-to-day; health care, education, roads, bridges and other infrastructure. 

As a Government, we really try to keep taxes as low as possible. We understand and appreciate how important it is for hardworking Canadian families to find savings wherever they can. This is especially true for students, who usually earn very little while they are focusing on education and training.

Since forming Government, we have introduced a number of important measures that have brought relief to Canadians’ wallets, including support and benefits for our students. Many people are aware that fifteen per cent of eligible tuition fees can be claimed as a tax credit. 

All Canadian students can claim fees paid to a university, college, or other education institutions in Canada for courses taken at the post-secondary level. What some may not know is that eligible tuition fees include application, admission, and academic fees, as well as, charges for the use of library or laboratory facilities; mandatory computer service fees; examination fees; athletic and health services fees; and more. 

In addition, students can claim what we call an education amount for each month – or part of a month – that they are enrolled in a qualifying educational program. That amount is $400 a month for full-time students and $120 per month for part-time students. 

Even those who receive salaries or wages while they take a course related to their job can claim the education amount if they are enrolled in a qualifying education program.

Students can also claim a textbook amount for each month that they qualify for the education amount. That’s an additional $65 a month for full-time students and $20 for part-time students.

We think that is good news for students! 

Post-secondary students enrolled in full-time programs who move at least 40 kilometers closer to their new school can deduct moving expenses paid through the year.  

These allowances are in place so that all students have the opportunity to get all the credits and benefits they are entitled to. 

Finally, when it comes time to repaying student loans, it is important to note that the interest on those loans may be claimed as a non-refundable tax credit. 

There are many more tax credits available so please visit: www.cra.gc.ca/students for more information. 

Our Government encourages students to report their income and pay their taxes – that’s their responsibility as citizens. And it’s my responsibility as MP to help make sure that students here in Stormont Dundas and South Glengarry are aware of the tax savings available to them. 

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