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.
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.