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Student Tax Credit

Frustrated With the Costs of Post-Secondary Education?
Student Tax Credits Can Help

 
Post-secondary education is an invaluable investment, but expenses for students during their time at school can be overwhelming and difficult to alleviate. If you’re bogged down by student fees, there is a variety of Student Tax Credits that can help you.
 
The following outlines the school-related expenses that can contribute to the Student Tax Credit, lowering your taxable income and building a bigger refund from the government.
 
 
Tuition and the Educational Amount
 
Tuition fees have been steadily rising for years, but the good news is that, because of Student Tax Credits, you can claim these tuition fees as long as you fall within these broad guidelines:
Student Tax Credit 
  • You attend a Canadian university, college or other post-secondary institution
  • Your tuition totals more than $100
  • You have attended the institution for longer than three weeks
  • You received an official tax receipt or a completed form T2202A from your school

 
In the Student Tax Credit system, if you fit within these guidelines, you are also eligible for what is called the educational amount. This allows full-time students (or part-time students with disabilities) to claim $400 for each month that they attend school, and for part-time students to claim $120 each month.
 
If you take advantage of the Student Tax Credits listed here, you are already on your way to huge savings!

 
Textbooks and Other Student Expenses


Student Tax Credits are set up to help you with yet another aspect of your post-secondary experience – purchasing textbooks. As long as you don’t receive grants, reimbursements or benefits that assist you with textbook costs, you can claim $65 for every month you attend your respective post-secondary institution full-time, or $20 for every month that you attend part-time.
 
Have you changed your place of residence to be closer to your school? For full-time students, as long as you have moved at least 40km closer to your post-secondary institution, you can claim your moving expenses for Student Tax Credits as well! For more information about eligible deductions, please visit our moving expenses page.
 
Using public transit to get to school? Student Tax Credits also allow you to claim these costs. Take a look at our public transit page for more information.
 
All these Student Tax Credits combined adds up to one thing: more money in your pocket!
 
 
Interest on Student Loans
 
Out of school and looking to pay off your debt sooner? Student Tax Credits can help you through this process by permitting you to claim the amount of interest you have paid, provided you are associated with:
 
  • The Canada Student Loans Act
  • Canada Student Financial Assistance Act
  • Any other similar government laws
 
 
Student Tax CreditHow Blackthorn Bookkeeping Helps Students

Our experienced professionals are willing and able to get you all the Student Tax Credits to which you are entitled, and with minimal cost to you.
 
Not only can we find all the eligible expenses for the Student Tax Credits that will save you money, but we will also find the most advantageous time to cash in your Student Tax Credits or to transfer unusable Student Tax Credits to your family members.
 
Let Blackthorn Bookkeeping reduce your student expenses and responsibilities. Contact us today! 

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