Back to School: Smart Tax Tips to Save on Your Taxes

As you gear up for the new school year, it’s essential to not only focus on your studies but also on the financial benefits available to you as a student. Did you know there are several tax deductions and credits that could help you to save money?

Here are some key Deductions and Credits you should know about

Common Deductions

  • Child Care Expenses

If you’re balancing school with parenting, you may be eligible to deduct child care costs.

  • Moving Expenses

If you moved for school and meet certain criteria, you might be able to deduct your moving expenses.

Tax Credits

  • Canada Employment Amount

This credit can help offset the cost of working while you’re a student.

  • Interest Paid on Student Loan

You can claim the interest you’ve paid on your student loans.

  • Tuition Amounts

Make sure to claim these credits to reduce your tax burden.

  • Canada Training Credit

This credit can help cover the cost of eligible training programs.

 

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