5 Tax Tips for StudentsBrian Jang ON April 24, 2017
This time of year can be twice as taxing (see what we did there) if you are a student. You’ll not only have to deal with the pressures of final exams but also have to file your tax returns on time. And sure, being a student means you probably don’t owe much in the ways of income tax Canada, but you’ll still want to do everything you can to keep money in your pocket—after all, post-secondary education isn’t cheap.
So, what can a student claim on tax? To help take some of that heavy burden off your shoulders, here are some handy tax tips 2017 for students:
Have you already footed the bill for your post-secondary education? Then you’ll be able to claim your tuition fees. If you or a member of your family has paid tuition, you are entitled to a tax credit. Just make sure to fill out the tuition amount in the T2202A tax form document you’ll receive from your school.
Claim textbook costs
If you are studying at a post-secondary school, you know how expensive books can be. Fortunately for you and your wallet, you’ll be able to claim the costs of textbooks. Keep in mind, however, that the amounts you are entitled to will be based on whether you are a full or part-time student.
Claim student loan interest
Did you know that you can get a student loan interest tax credit? If you received a loan under the Canada Student Loans Act, the Canada Student Financial Assistance Act, or similar provincial or territorial government legislation, you’ll be able to receive a tax credit for the interest accumulated on your loan.
Claim moving expenses
As a student, you can write off your moving expenses, according to the Canada Revenue Agency (CRA). But there are some conditions. Your new residence has to be at least 40 kilometers closer to your school to deduct these expenses. If you meet that requirement, you can claim a wide range of moving expenses, including transportation, storage fees for your belongings, replacing your driver’s license, the cost of breaking your lease, and temporary living expenses.
Claim the public transit expenses
Ask any bus-bound student, traveling expenses can add up quickly. If you use public transit to get to and from school, you might be able to claim on transit costs. Be sure to keep all your bus, Skytrain, commuter train, and ferry passes when you file your student tax return.
Studying at a post-secondary institution can get costly. By following these tax tips, students will be able to save some extra cash, making final exam season a little less stressful.
Do you need help filing your tax return? Contact us today!