Tax Tips for Students

As a student, juggling studies and tax responsibilities can be challenging. Here are some personal tax tips for students that can help you better prepare for tax season:

1. Claim Your Tuition Fees

• If you paid tuition fees, you can claim them as a non-refundable tax credit. Keep all receipts and official forms from your educational institution (like the T2202 form).

  
  

2. Scholarships, Bursaries, and Grants

• Scholarships, bursaries, and fellowships are generally not taxable, as long as you are enrolled in a program that leads to a degree, diploma, or certificate.

  
  

4. Student Loan Interest

• If you have a federal or provincial student loan, you can claim the interest you paid on that loan as a non-refundable tax credit. Keep track of the interest and get a statement from your loan provider.

  
  

5. Tax-Free Savings Accounts (TFSAs) and RRSPs

• Consider contributing to a TFSA (Tax-Free Savings Account) for tax-free growth on investments. Additionally, if you have earned income, contributing to an RRSP (Registered Retirement Savings Plan) can help lower your taxable income.

  
  

6. Transfer Credits to Parents or Grandparents

• If you don’t need all of your tuition, education, or textbook credits, you can transfer them to a parent or grandparent to help reduce their taxes. CRA allows a transfer of up to $5,000 in unused credits.

  
  

7. Employment Income & Tax Deductions

• If you work part-time while in school, make sure to file your income properly. You can also claim expenses related to your job, like a home office (if applicable), tools, uniforms, etc.

  
  

8. Don’t Forget about the GST/HST Credit

• Depending on your income, you may be eligible for the GST/HST credit, which is a tax-free quarterly payment to help individuals with lower incomes offset the cost of GST/HST.

  
  

9. File Your Taxes Even if You Have Little or No Income

• Even if you don’t owe taxes or have little income, it’s worth filing your taxes as you may be entitled to refunds, credits, or other benefits (like the GST/HST credit or a provincial tax rebate).