As a student enrolled in an institution offering post secondary education, you may be able to claim your tuition and education amounts on your tax return.
You can claim an education amount up to $400 for each month you attended school and up to $65 per month for textbooks. If you have unused tuition and education tax credits, these credits can be carried forward to the next year. You can also choose to transfer up to $5000 of unused credits to a spouse or parent.
These amounts are for the Federal credits. The provincial and territorial amounts may vary. Other amounts are available for part-time students.
For more information on how filing your tax return will benefit you as a student, please refer to “Keeping the Taxman at Bay“, published by Allan Fefergrad, CGA.
