The interest must be on a loan made under the Canada Student Loans Act, the Canada Student Financial Assistance Act, the Apprentice Loans Act, or a law of the province or territory, which governs the granting of financial assistance to students at the post-secondary level. Personal or family loans will not qualify. To be eligible for the credit, interest must, in fact, have been paid. The most common post-secondary nonrefundable tax credits that apply to students are interest paid on student loans, the tuition, education and textbook amounts (prior to 2017), the public transit amount (prior to 2017), and the Canada employment amount. Part-time students may qualify for partial deductions. Parents who are full-time students, or single parents who study full-time, can deduct child care expenses on their tax returns. Moving expenses can only be deducted against awards, employment or self-employment income. Your new home must be at least 40 kilometers closer to the new school or place of work than the previous home. You can deduct moving expenses if you move to attend courses as a full-time student or if you moved to start a new job, including summer employment, or to start a business. The most common tax credits for students, or deductions, are moving expenses and child care expenses. Tax Credits for Students: How College Students in Canada Can Save Common Deductions and Tax Credits for Students
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