Tax Matters for Students:

  • Post-Secondary Scholarships, bursary and fellowship income is fully exempt from tax when received in connection with a program for which the student will get an education amount tax credit (any accredited Canadian college or university).
  • Where the scholarship or bursary is not from an accredited institution, the first $500 is exempt.
  • Tuition Fees are fully deductible if they total more than $100 and are paid to a post-secondary educational institution in Canada (*some international programs are permitted also). 
  • Textbook Amount, contrary to popular belief you do not save your textbook receipts. Rather, you receive a tax credit of $65/month of full time or $20/month of part time attendance.
  • Education Amount. similar to the textbook credit, you will receive a $400/month tax credit for full time and $120/month for part time attendance (*if you are eligible for the disability tax credit you will receive the $400 credit even if you are in part-time attendance).
  • Children's Fitness Tax Credit, you can claim up to $500 for registration and membership costs for prescribed programs for children under 16 or under 18 with a disability. That results in a refund of $75.
  • Children's Arts Tax Credit, similar to the fitness tax credit, you can claim up to $500 per child. The result is the same with a $75 refund on your tax return.
  • Public Transit Pass Tax Credit, you can claim a pass of one month's duration or longer and you'll get 15% back on your tax return. 
  • Student Loan Interest, if you pay student loans, why not claim the interest on your tax return? You'll get 15% back in the form of a non-refundable tax credit.
  • Student's Moving Expenses, moving expenses may be claimed against taxable scholarship or award income. Since this is mostly all non-taxable in Canada, this credit is generally unused.
Special Provisions
Our government has provided many special circumstances for student's with disabilities. If you have a disability or are sharing the tuition and education amount with a relative you should discuss your situation with a professional to be sure you are getting every possible deduction available.