TORONTO, Feb. 7 /CNW/ -
Get credit for textbooks: A post-secondary student can claim $65 for every month they qualify for
the education amount. Part-time students can claim $20 per qualifying
month. But the credit does not depend on how many textbooks you
purchase - it is standard for every student who qualifies.
Enjoy a tax-free scholarship: Scholarships and bursaries are tax free if the related program qualifies
for the education amount. This includes scholarships at the elementary
and secondary school level, but not post-doctoral.
Get on the bus: For students who depend on transit to get to campus, keep your passes to
claim the Transit Tax Credit. The program also includes some electronic
tickets and weekly passes purchased for four consecutive weeks. You
need the receipts and transit passes to back up your claim.
Get the GST credit: Students turning 19 before April 1, 2012 should file a 2010 tax return
even if they had no income. This will allow them to collect the GST/HST
credit for the first payment period following their birthday.
Tuition credits add up: No matter who paid the tuition, the student will receive a T2202A for
the amount of tuition paid for 2010. If you do not receive a T2202A,
you cannot claim tuition. The form allows you to claim tuition and
education amounts as well as the Textbook Tax Credit.
Sharing education credits: A student must use their tuition and education amounts on their tax
return first to reduce their tax payable to zero before deciding
whether to transfer an amount to a parent, grandparent or spouse. The
student can transfer up to $5,000 in one year and any amount remaining
is carried forward to use in future years. Once the credits are carried
forward, they cannot be transferred.
Moving credits: If you move more than 40 kilometers to take a summer job, you may be
able to claim moving expenses against your employment income at the new
location. Deductible expenses include travel, transportation, storage
and the cost of meals and temporary accommodation for up to 15 days.
Loan interest: Interest on government and provincial student loans that you are
repaying is deductible. Loans and credit lines outside of the
government program are not deductible.
A local H&R Block tax professional is available to speak about tax tips
About H&R Block Canada
H&R Block Canada has been preparing taxes for more than 45 years and is
Canada's leading tax preparation firm. Headquartered in Calgary,
Alberta, the company serves Canadian taxpayers in more than 1,100
offices across the country. H&R Block Canada Inc. is a subsidiary of
H&R Block, Inc., a diversified company with subsidiaries providing a
wide range of financial products and services. Additional information
about H&R Block Canada is available at 1-800-HRBLOCK or visit www.hrblock.ca for more tax tips.
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