TUITION FEES AND EDUCATION CREDITS
Full-Time Students:
Full-time students may claim a federal credit of 15 per cent of
their eligible tuition fees, plus an education credit of 15 per cent
of $400 per month in 2010. The equivalent Ontario provincial
credit is indexed; students may claim a monthly credit of up
to 5.05 per cent of $481 (the indexed amount is determined
annually and can be found on the Ontario TD1 form).
Part-Time Students:
Students registered to attend part-time studies may also claim
the tuition fee credit of 15 per cent of eligible fees; in addition,
they may deduct $120 a month toward the 15 per cent federal
education tax credit, and $144 per month (indexed) toward
the Ontario provincial education tax credit
OTHER TAX CREDITS AND EXEMPTIONS
Textbook Tax Credits:
The 2006 federal budget introduced a non-refundable
“textbook tax credit” of 15 per cent of $65 to cover each
month the student is eligible to receive the full-time education
tax credit and 15 per cent of $20 for each month they are
eligible for a part-time education tax credit.
Scholarships, Fellowships and Bursary Income:
The 2006 federal budget fully exempted from taxation all
scholarship, fellowship or bursary income with respect to postsecondary education or occupational training in a program,
one that entitles the student to claim the education tax credit.
Previously, only the first $3,000 of such income was exempt.
GST REBATES
Many lower-income earners, including students, may be
eligible for a GST credit. If so, don’t forget to apply for the
GST rebate on the tax return.
HOPE THIS INFORMATION HELPS YOU TO KNOW ABOUT TAX REBATES AS THEY ARE VERY ESSENTIAL....
HAVE A GREAT DAY............TAX TIPS FOR STUDENTS