Wednesday, March 14th, 2012

Tax Tips From Canada Revenue Agency

Tax Tips From Canada Revenue Agency

As tax time approaches, it’s time for Canada’s college and university students to get back a little bit of the money they’ve lost in 2012.

The Canada Revenue Agency wants to help. They recently released a list of key areas you need to be aware of, and make sure you have the paper-trail to cover.

Students need to be aware of:

  • Goods and services tax / harmonized sales tax (GST/HST) credit: “Be sure to complete the application area on page 1 of your 2011 income tax and benefit return to receive the GST/HST credit. Remember, you must apply every year.”
  • Moving expenses: “You may also be able to claim moving expenses if you move to take courses as a full-time student at the post-secondary level, but you can only deduct these expenses from the part of your scholarships, fellowships, bursaries, certain prizes, and research grants required to be included in your income.”
  • Child care expenses: “You or your spouse or common-law partner may be able to claim a deduction for child care expenses (such as day camp payments) so one of you could earn income, go to school, or conduct research.”
  • Education amount: “If you were a full-time student… you may be able to claim the education amount of $400 for each eligible month. If you were a part-time student enrolled in a qualifying education program in 2011, you may be able to claim the education amount of $120.”
  • Textbook amount: “You may also claim the textbook amount of $65 for each eligible month. If you qualify for the education amount as a part-time student, you may claim the textbook amount of $20 for each eligible month.”
  • Tuition fees: “You may be able to claim a non-refundable tax credit based on the eligible tuition fees that you paid to attend an educational institution.”

It’s also important to keep the documentation so you can deduct your transit passes, or interest paid on student loans.

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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