Friday, April 8th, 2011

Tips on College and University Student Federal Tax Refunds

Student Federal Tax Refunds

It's time to get your student federal tax refunds.

It’s payback time. Students, it’s time to deduct the fortune you spent on tuition, books, and transit passes to fatten up your federal tax refund.

Whether you’re doing your taxes yourself, or handing over a mess of papers to an accountant, it’s important to know you get money back for the following:

Tuition Fees


Here’s the pay-dirt, your tuition is your biggest deduction. You can also write off the interest when you’re paying your student loan back, and opt to carry it forward up to 5 years.

Education Credit


It also helps that students can get $400 for every month for being enrolled in a fulltime college or university program. Part-time students can also get up to $120 per month.

Tax Credits


GST/ HST cheques can be welcome additions to your mailbox and bank account every few months. Make sure you’re getting them. You can also get money back from your summer/ part time job’s pay cheque and a portion of the CPP you paid.

Moving expenses


Had to move last year? Great. Save your receipts for your plane/train tickets, gas, and any meals, or lodging. You can deduct any moving expenses, as long as you had to relocate for school or work.

Textbooks


Claim these to get $65 for each month that you’re enrolled full-time or $20 per month for part-timers.

Transportation


The public transit tax credit is a nice way to get a bit of money back. Most monthly passes (electronic passes too) are deductable, so save your receipts.

Ryan Leclaire
Author: Ryan Leclaire
Ryan has been writing for 7 years and has been featured in Chatelaine, Canadian Living and Cottage life.
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