Tax Tips For Students

Top Things You Can Do As A Student:

-Claim your eligible tuition fees – An eligible tuition fee is a fee you paid to attend your post-secondary educational institution for the tax year in question.

-Claim the education amount – If you are a full-time student, you can claim $400 for each month you were enrolled in an educational institution. If you are a part-time student, you can claim $120 for each month you were enrolled.

-Claim the textbook amount – You can claim this amount only if you are entitled to claim the education amount. You can claim:
$65 for each month you qualify for the full-time education amount or $20 for each month you qualify for the part-time education amount.

-Claim the interest paid on your student loans – You may be able to claim an amount for the interest paid on your loan in 2013 for post-secondary education. You can also claim interest paid over the last five years if you haven’t already claimed it. Only interest paid on loans received under the Canada Student Loans Act, the Canada Student Financial Assistance Act, or a similar provincial or territorial government law for post-secondary education can be claimed.

-Claim the public transit amount – If you use public transit, you may be able to save by claiming the cost of your transit passes. Keep your transit passes for local buses, streetcars, subways, commuter trains, and local ferries.

At Matheson Carson and Associates we’re here to help you navigate through tax time. Give our friendly staff a call at 514-695-4018 or drop in to our office, conveniently located at 24 Canvin, Kirkland, Quebec.

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