Student Tax Deductions / Credit For Tax Filling

Tuition tax credit – You could reduce the tax you may owe if you paid tuition fees to a post-secondary school, or to an educational institution that has been certified by the Minister of Employment and Social Development to develop or improve skills in an occupation.

Carrying forward past amounts – You can no longer claim federal education and textbook amounts on your return. But you may still be able to carry forward unused amounts from previous years to another year. 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 – 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 2020, or fees paid to certain bodies in respect of an occupational, trade, or professional examination taken in 2020.

Interest paid on your student loans – You may be able to claim part of the interest you’ve paid since 2015 on your student loan for post-secondary education.

Eligible moving expenses – If you moved for school and are a full-time student, you may be able to claim your moving costs. However, you can only deduct these expenses from the parts of your scholarships, fellowships, bursaries, certain prizes, and research grants that are required to be included in your income. You may also be able to claim the cost of moving for work, such as a summer job or running a business.

In this case, you can deduct eligible moving expenses from the employment or self-employment income you earned at your new work location. You can claim moving expenses if you moved at least 40 kilometers closer to your work or school.

Canada workers benefit – This benefit is a refundable tax credit. It is available to eligible individuals and families who work, but earn a low or modest income. If you are a full-time student, you must have an eligible dependent to receive this benefit.

Goods and services tax / harmonized sales tax (GST/HST) credit – You may be eligible to get a tax-free payment four times a year. This payment is for people with low or modest incomes. You may be eligible if you turn 19 before April 1, 2022, or if you have a spouse or common-law partner, or are a parent and live with your child. To keep getting these payments, file your return every year.

Canada child benefit – If you have a child, you may be able to get tax-free monthly payments. These payments are made to eligible families to help with the cost of raising children under 18. To keep getting these payments, file your return every year.

Provincial and territorial benefits – You may qualify for provincial or territorial benefits, depending on where you live.

Climate action incentive – If you’re a resident of Alberta, Saskatchewan, Manitoba, or Ontario, you may be eligible for the climate action incentive payment when you file your 2020 return. You could receive a larger payment if you live in a small or rural community. The incentive will first lower the taxes you might owe, then create or increase your refund.

Child care expenses – If you paid someone to look after your child so you could go to school, do paid work, or do research, you may be able to deduct your child care fees.