The Canada Revenue Agency (CRA) has tax credits, deductions, and benefits to help students. Make sure you claim those you are eligible for when you file your income tax and benefit return. Even if you have little or no income, you should still file your income tax return to claim eligible credits and benefits.
Here are the top savings for students at tax time:
Eligible tuition fees – You can claim the tuition fees paid to attend your post-secondary educational institution for the tax year in question.
Education amount – As a full-time student (or a part-time student who has a certified mental or physical impairment), you can claim $400 for each month you were enrolled in a qualified educational program in a designated educational institution. As a part-time student, you can claim $120 for each month you were enrolled.
Textbook amount – Claim this amount only if you are entitled to claim the education amount.
Child and family benefits
A new benefit is coming!
Based on proposed legislation, a new Canada child benefit (CCB) will replace the universal child care benefit (UCCB) and the Canada child tax benefit (CCTB) in July 2016.
Child and family benefits are meant to help individuals and families. The Canada Revenue Agency (CRA) also administers related provincial and territorial programs.
Canada child benefit
The CCB will be a tax-free monthly payment based on family income.
If you now receive the UCCB or the CCTB or both, you do not need to apply for the new CCB. However, you and your spouse or common-law partner, if applicable, must file a 2015 income tax and benefit return, even if you don’t have income, so the CRA can calculate your payment.
The CRA will issue the last regular UCCB and CCTB payments on June 20, 2016. The CRA will issue the first CCB payment on July 20, 2016. If the CRA currently deposits your payments into your bank account, this will continue.
File your income tax and benefit return
To continue receiving the benefit and credit payments that you are entitled to, you have to file your income tax and benefit return on time every year, even if you do not have income in the year. If you have a spouse or common-law partner, they also have to file a return every year.
Fraudulent emails and phone calls – Protect yourself!
The CRA is warning Canadians that fraudulent emails and phone calls purporting to be from the Agency are currently being reported. Find out more about these scams on CRA’s website and learn how you can protect yourself.
If you would like to learn more about these tax credits please contact Armour Mountain Office Services, our hours are 9am – 4pm, Tuesday to Saturday. After hours appointments are available please call: 250-672-9994 or email: firstname.lastname@example.org