Make sure you take full advantage of tax deductions and tax credits that you are eligible for as a student. Every dollar you can save in income tax that you pay will help you stretch your budget to cover student expenses.
A tax deduction will reduce your taxable income for the year. Tax deductions available to students include:
A non-refundable tax credit reduces your taxes payable. It is calculated by multiplying the total dollar amount by the lowest tax bracket (currently 15%). For example, if you spent $500.00 on public transit you would get a credit of $75.00 ($500.00 x 15%). Non-refundable tax credits for students include:
To find out what tax deductions and credits might be available from your provincial government click on your province of residence below: