There’s tax money on the table for students, if they know how to find it.
Students have a chance to get more tax refunds this year as the CRA has increased the range of tax refunds for students. Here are some benefits and credits you may be entitled to that could save you money at tax time:
How students can get more tax refunds
- Tuition tax credit.
Did you pay any tuition fees last year? You can get some of the money back this tax season. You could reduce the tax you may owe if you paid tuition fees to a post-secondary school or to an educational institution certified by the federal Minister of Employment and Social Development to develop or improve skills in an occupation.
You may be able to transfer your unused tuition to your spouse or common-law partner or common-law partner’s parents or grandparent.
- Carrying forward past amounts.
You can also carry forward your current year’s unused tuition fees (that you did not transfer) to claim in a future year. You can no longer claim federal education and textbook amounts on your return. However, you can still carry forward any education, and textbook amounts from previous years. If you carry forward an unused amount, you must claim it when you file your return for the first year you owe income tax.
- Canada training credit.
Another way students can get some money this tax year is through the Canada training credit You may be able to claim this refundable credit for eligible tuition and other fees paid to an eligible educational institution in Canada for courses you took in 2021 or for fees paid to certain bodies related to an occupational, trade, or professional examination taken in 2021.
- Interest paid on your student loans and OSAP.
You may be able to claim part of the interest you’ve paid on your student loans for post-secondary education. Though the Government, out a hold on interest payments following Covid, you may have some money waiting to be collected if any interest was deducted last year in your payments. Go through your records.
- Eligible moving expenses.
If you moved for school and are a student in full-time attendance, you may be able to claim your moving expenses. However, you can only deduct those expenses from the parts of those amounts that you’re required to include in your income.
You may also be able to claim the cost of moving for work. This includes a summer job or running a business. You can then deduct eligible moving expenses from the employment or self-employment income you earned at your new work location.
- Canada workers benefit.
This benefit is a refundable tax credit. It’s available to eligible individuals and families who work, but earn a low or modest income. If you were enrolled as a full-time student at a designated educational institution for a total of more than 13 weeks in the taxation year, you must have an eligible dependent to receive this credit.
- Goods and services tax / harmonized sales tax (GST/HST) credit.
You may be eligible to get a tax-free credit payment four times a year. This payment is for people with low or modest incomes. Ask your accountant or check the CRA website to find out how much you are eligible for. To keep getting GST/HST credit payments, file your return every year.
Tax cash for students
Students now have a greater incentive to file their taxes this year, with all the extra tax refunds that students can now claim.
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