What Tax Credits Are Students Eligible For

Students are eligible for so many different tax credits

. If you are a post-secondary student and you live in residence there is a $25 tax credit you can claim. Once you move off campus, have your landlord write a memo or provide you with a lease confirming your rental address and that your rent has been paid. You have also prove your rental payment by requesting a receipt or by paying by cheque and keeping a copy of the cancelled cheque, you will be able to claim your student housing rent.

There is also a credit available for both part-time and full-time students for tuition, education and textbooks. Your institution should provide you with a T2202A or a receipt that should be provided to your accountant in order to apply this credit. If you do not have enough taxable income to fully utilize the credit, it can be transferred to a parent or carried forward for a future tax year.

If you are a student in debt, you may be able to claim the interest on your student loan. Only you as a student can make this claim, although someone else may have paid the interest on the loan. In order to qualify, the loan must come from a legitimate source such as the Canada Student Loans Program and cannot be a personal loan (e.g. from a family member) or a line of credit. Keep in mind, if you fail to pay back the loan, you CANNOT claim the interest paid!

One last tax option is to claim moving expenses if you are relocating over 40 kilometers for work or to pursue post-secondary education. So, if you are graduating university in London, Ontario and manage to find yourself with a new job in Ottawa, you are able to claim some of the expenses related to the move. Deductible expenses include transportation and storage costs, cancelling a lease at your old residence, meals and accommodations for up to 15 days at $51 a day, and travel costs such as for your vehicle.

Moral of the story: If you are a student looking to add a little to your tax refund, keep your receipts for the topics mentioned above and ask your accountant if you are eligible for them.

by: Mark Feldstein, CA, Mark Feldstein and Associates

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