Everyone should know about the amazing new tax breaks the Government of Canada has announced for students. Before you read about this, I would suggest you click the play button preceding this paragraph. Done? Alright, let’s go.
Tuition Credit
There’s now federal tax credits on 15 and a half percentage of your tuition. This means that if you pay, arbitrarily, $6000 a year in tuition (which is not unheard of at Dal). Your tax bill is now reduced by a whopping $930! Also, full-time and part-time students can claim $400 and $120 a month, respectively, as “education tax credit”
Credit on Books
If you can claim the aforementioned breaks, you can also claim textbook credit. No receipts necessary, you can claim $65 a month if you’re full-time and $20 if you’re part time.
The beauty of tax credits rather than deductions is credits are worth the same no matter what you make, whereas deductions are worth more for people that make lots of money.
For a full report on the new tax credits, go to the CBC News Personal Finance page for forms and whatnot.
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