What types of tax credits are available to Canadian university students?

Canadian university students are able to claim several lucrative tax credits:

• The first tax credit that a student can claim is for tuition fees. In order to claim this credit the student must be taking courses costing $100 or more in a recognized educational institution.
• The second tax credit is the education amount. You are able to claim $400 per month for each month of full time attendance, and $120 per month for each month of part time attendance
• The third tax credit a Canadian university student can claim is the textbook amount. Full time students can claim $65 each month and part time students can claim $20 a month.
• The fourth tax credit is the interest amount. Students are eligible to claim most of the interest paid on eligible student loans.
• Fifth, a Canadian university student can claim the public transit amount. This tax credit allows students to claim the amount paid for annual or monthly transit passes.

ABOUT THE AUTHOR

ALLAN MADAN

CA.CPA.CGA

Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.

Related Resources