Posted Mar 14, 2010 in LifeStyle | 0 Comments

Get Some Extra Credits

For most students, March and April make up exam season. It also means tax season. The Canadian government has set up a bunch of tax credits for students to ensure that most of your money stays where it belongs… in your pocket.

Tuition Credit

Total tuition fees paid in excess of $100 can be claimed as a tax credit. So make sure to get on Minerva and print out the T2202A form!!

Textbook Credit

Students can claim $65 per month of full time attendance or $20 per month for part time students in order to pay for textbooks.

Education Credit

Education tax credit is claimable for each month you were enrolled as a full or part time student. Full time students can claim $400 per month of full time attendance, whereas part time students can claim $120 per month. This credit can be claimed in addition to claiming your tuition expenses.

Moving Expenses

If you’ve moved 40 km or more to go to school, you will probably be able to deduct your moving expenses. This includes your plane ticket, or gas if you drove, and up to 15 days of temporary accommodations as you move. Note that these expenses can only be deducted against income received from the school, such as scholarships and research grants.

And if you don’t have enough income to claim these credits against…

The education, textbook, and tuition claims can be transferred to your parents (or spouse). Help them save tax money so they can buy you a really good present. Like the Alexander Wang leather corset shorts that make my heart flutter.

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