Most parents that have school age children love to see the kids return to school after a long summer of attempting to keep them entertained. What they don’t like to see is the hefty bills that come along with the back to school shopping. What they may not be aware of either is the Canada tax relief by way of some potential tax credits that they may be eligible for.
While the majority of costs for the younger children begin at the start of the school year, such as for new clothes and school items like binders, papers and pens, the older kids are hit with much higher costs. Many are faced with tuitions that are not cheap. The Canada tax regulators have provided some small relief by at least allowing the tuition to be claimed as an expense.
In addition to this, students can claim $400 a month as an education credit for each month or even part of the month during the year if they are enrolled as a full time student in an education program that qualifies according to the government standards. Even part time enrolled students may have an opportunity to claim a tax credit of $120. if their program meets the set government criteria.
While this is a great help, in some cases another big expense that students face is the cost for textbooks. As a way to ease this burden the Canada tax rules also allow for text book claim of $65 a month for the qualifying full time students, while the part time students who meet the criteria are allowed $20. Per month
In August 2013 a Canada tax bulletin appeared where the The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, and Susan Truppe, Member of Parliament for London North Centre, reminded students of the potential tax benefits.
“Harper Government providing Canadian families with back-to-school tax relief
“…“Our Government wants to ensure students take advantage of all the tax credits they are eligible for and keep their hard-earned dollars,” said Mrs. Truppe. “At this time of the year, with students going back to school, it is important to remind them to keep their receipts in order to claim tax credits when filing their return during tax season and take advantage of the important financial relief available to them all year long.”…read more
There are several other potential claims that students can possibly make, and it would be wise for students and their families to contact a Toronto Accountant to assist them with their tax return so they don’t miss out on these types of credits that can really add up
