Media Advisory - Tax Tips For Students

    TORONTO, March 3 /CNW/ -

    -   Post-secondary students attending college or university full-time are
        eligible for the Textbook Tax Credit. A student can claim $65 for
        every month they qualify for the education amount. Part-time students
        can claim $20 per qualifying month. The credit does not depend on how
        many textbooks you purchase - it is standard for every student who
    -   Under the old tax rules, only the first $3,000 of a scholarship or
        bursary was tax free. Recent changes have exempted all scholarships
        and bursary amounts from being taxed if the related program qualifies
        for the education amount. This includes scholarships at the
        elementary and secondary school level.
    -   For students who depend on transit to get to campus, keep your passes
        to claim the Transit Tax Credit. The program was recently expanded to
        include some electronic tickets and weekly passes purchased for four
        consecutive weeks. You need the receipts or transit passes to back up
        your claim.
    -   Students turning 19 before April 1, 2009 should file a 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.
    -   Students will receive a T2202A for the amount of tuition paid for
        2007. This form allows you to claim tuition and education amounts as
        well as the Textbook Tax Credit. The student must use the amount on
        their tax return first to reduce their tax payable to zero. Any
        amount remaining may be carried forward for use in another year, or
        may be transferred to a spouse, parent or grandparent.
    -   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.
    -   Interest on government student loans is deductible if some of the
        loan is repaid during the year. 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
for students.

    About H&R Block Canada
    H&R Block Canada prepares nearly two million tax returns annually, making
it Canada's leading tax preparation firm. Headquartered in Calgary, Alberta,
the company serves Canadian taxpayers in more than 1,000 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 for more tax tips.

For further information:

For further information: Tina Quelch, Calador Communications, (416)

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