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Tax Credits For Students

Recommendations On How To Reduce Taxes

Date: January 2014

Students may reduce their taxes by means of credits and benefits offered by the Canada Revenue Agency (CRA). For this purpose they have to declare their incomes, fill out a tax return and apply for tax credits.

Here are some recommendations on how to reduce taxes:

  1. Apply for your eligible student fee – As a student you have to pay tuition fee in order to cover your classes in specialized secondary educational establishment.

  2. Apply for the education amount – Students attending educational institutions on a full-time basis as well as part-time students with verified mental or physical disabilities have the right to apply for $400, paid for every month of their studying in the institution. Part-time students may qualify for only $120 paid for every month of their studying in educational institution.

  3. Apply for the textbook amount – You can get this credit only in case you are eligible for education amount.
    —  If you are a full-time student you may be able to receive $65 for every month you claim the educational amount.
    —  If you are a part-time student you may be able to receive $20 for every month you claim the educational amount.

  4. Apply for the student loan interest – You have the right to apply for the student loan interest you’ve paid during 2013 to cover your education. It’s also possible for you to receive an amount for interest, which has been paid during the last 5 years, if you haven’t done this yet. You may claim the interest on your loan which is regulated only by the Canada Student Financial Assistance Act, the Canada Student Loans Act or related regional acts for specialized secondary education.

  5. Apply for your eligible moving expenses – If you study on a full-time basis in educational institution situated in another city or a region and you often have to move there and back than you may be eligible for moving expenses. Yet these expenses can be claimed only if you get a scholarship, bursary, fellowship or different study grants. Moving expenses may also be claimed if you have to move to your work place. In this case these expenses are deducted from your revenue.

  6. Apply for your public transit amount – If you have transit passes for different kinds of public transport like buses, trains, subways, etc, you are entitled to claim their cost and save your money.

  7. Apply for the GST/HST credit – Canada residents with poor earnings are entitled to the GST/HST credit. In order to claim you should file and submit the application in your tax and benefit return.

  8. Apply for child care expenses – Students who spend money on child care centers or nannies may claim these expenses.

If your incomes are poor and your tax treatment is not very complicated there’s a good option for you. Volunteer specialists from Community Volunteer Income Tax Program will assist you in filing your tax declaration and help to receive all the benefits you are eligible for.