Students can save at tax time
Did you know?
The Canada Revenue Agency (CRA) has tax credits, deductions, and benefits to help students. File your income tax and benefit return and claim them.
Here are the top savings at tax time:
- Claim your eligible tuition fees – Tuition fees paid to attend your post-secondary educational institution for the tax year in question may be claimed. Enter the tuition amount on line 320 of Schedule 11, Tuition, Education, and Textbook Amounts.
- Claim the education amount – As a full-time student (or a part-time student who can claim the disability amount or has a certified mental or physical impairment), you can claim $400 for each month you were enrolled in an educational institution. As a part-time student, you can claim $120 for each month you were enrolled.
- Claim the textbook amount – Claim this amount only if you are entitled to claim the education amount. You can claim:
- $65 for each month you qualify for the full-time education amount. Enter this amount on line 7 of Schedule 11; or
- $20 for each month you qualify for the part-time education amount. Enter this amount on line 4 of Schedule 11.
- Claim the interest paid on your student loans – You may be able to claim an amount for the interest paid on your student loan in 2014 for post-secondary education. You can also claim interest paid over the last five years if you haven't already claimed it. Only interest paid on loans received under the Canada Student Loans Act, the Canada Student Financial Assistance Act, or a similar provincial or territorial government law for post-secondary education can be claimed.
- Claim the public transit amount – Public transit passes may be claimed. Keep your transit passes for local buses, streetcars, subways, commuter trains, and local ferries, and enter your total public transit amount on line 364 of Schedule 1, Federal Tax.
- Claim your eligible moving expenses – If you moved for your post-secondary studies and you are a full-time student, you may be able to claim moving expenses. These expenses can only be deducted from the part of your scholarships, fellowships, bursaries, certain prizes, and research grants that is required to be included in your income. If you moved to work, including summer employment, or to run a business, you can also claim your moving expenses. However, you can only deduct these expenses from the income you earned at the new work location. To qualify, your new home must be at least 40 kilometres closer to your new school or work location.
- GST/HST credit – If you are turning 19 before April 1, 2015, you may be eligible for the GST/HST credit. The CRA will determine your eligibility when you file your 2014 income tax and benefit return and will send you a notice of determination if you are eligible for the credit.
- Claim your child care expenses – If you pay someone to look after your child while you go to school, you may be able to deduct child care expenses.
For information on carrying forward or transferring amounts, and to check out the CRA's videos for students, go to www.cra.gc.ca/youth.
Do you need help filing your tax return? If you have modest income and a simple tax situation, volunteers from the Community Volunteer Income Tax Program may be able to file your tax return for you and make sure you receive all the credits and benefits you are entitled to. For more information, go to www.cra.gc.ca/volunteer.
CRA online services make filing easier and getting your refund faster
The CRA’s online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund, receive your notice of assessment, and more. Did you know that the Government of Canada is switching to direct deposit for payments that it issues? This includes your tax refund and benefits payments. Sign up for direct deposit today! For more information, go to www.cra.gc.ca/getready.
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