Tax breaks benefit students

Greg Vandermeulen

(QMI Agency File Photo)

(QMI Agency File Photo)


Going back to school, whether it’s college or university on a full or part-time basis can be costly.

But Portage-Lisgar MP Candice Bergen says federal tax breaks can make a big difference to those looking to further their education.

“Our government is committed to keeping taxes low for hardworking families and we are pleased to offer tax breaks to students as they prepare to go back to school,” she said. “We are investing in Canadian students who study hard to ensure they can find good jobs upon graduation and contribute to Canada’s long-term prosperity.”

There are several ways students can benefit.

They can claim tuition fees paid to a university, college or other educational institution in Canada for courses taken at the post-secondary level.

Tuition fees paid for courses certified by Employment and Social Development Canada to develop or improve skills in an occupation also qualifies.

Students can also claim an education amount of $400 for each whole or part month of the year in which they are enrolled full-time, or $120 per month for part-time enrollment.

They can also claim a textbook amount of $65 for each month where they qualify for the full-time education amount or $20 for each part-time month.

“Post-secondary education is important to Canada’s economy as today’s students are our country’s future workers and leaders,” Bergen said.

“Our government is steadfast in our commitment to students and I encourage them to take advantage of the important tax measures we offer as financial relief.”

Bergen said students may also be eligible for a GST credit, a tax free quarterly payment. They may also claim deductions for moving expenses, amounts of interest paid on student loans and a public transit tax credit.

And the money does add up. Bergen said in 2012, students and their families claimed more than $11 billion in financial assistance.

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