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Student Tax Tips

Scholarships and bursaries received toward elementary and secondary school educational programs are not taxable. Post-secondary school scholarships, fellowships, and bursaries are not taxable if you are considered a full time qualifying student. If you are a part-time student the scholarship exemption is limited to the tuition paid plus the cost of program related material.

Generally, the cost of tuition for private school for elementary and secondary school students is not tax deductible.  There are non-refundable tuition and education tax credits available for qualifying post-secondary education in some provinces/territories. A portion of the private school tuition fees, if it relates to child care services, may qualify as child care costs.

Common Questions and Answers

Do I need to keep all my tuition, education, and textbook receipts?

Students are not required to provide their accountant with receipts for all amounts paid towards their schooling. You should retain these receipts for your personal records, but these items are not deductible. For tax purposes, the tuition and enrollment certificate provides the credit you can claim. The T2202 must be printed from your student account.

I am a post-secondary student paying rent, what can I claim?

If you are a student who is at least 16 years old and living on your own or with friends, you might be eligible to claim your portion of rent paid towards your Ontario Trillium Benefit. It is important that the receipt that you provide us list the address of the location for which you paid rent, the postal code, the period for which your rent fees covered, and the name of the landlord or municipality to whom payment was made.

I had to move away for school, can I claim any of my moving expenses?

If you have moved to a new home that is at least 40 kilometers closer to the new educational institution, there are several moving expenses (e.g., travel expenses, transportation, and storage costs) which you may claim against income that you report for the year (i.e., line 22 of Form T1-M). For a complete list of the eligible moving expenses please visit: www.cra-arc.gc.ca

It is important to note that if your eligible moving expenses exceed the income reported on line 22 of Form T1-M, the unused portion may be deducted in future years.

I am an individual paying interest on my student loans, what can I do?

Under certain restrictions, you may be eligible to claim a non-refundable tax credit for interest paid on any of your personal loans in the current year or preceding five years for post-secondary education as long as it was received under either (1) the Canada Student Loans Act, (2) the Canada Student Financial Assistance Act, or (3) a similar provincial or territorial government law. In order for the interest to be deductible, it must have been paid by the student or a person related to the student. However, it is only the student who can claim the interest.

While I attended a post-secondary school I incurred child care expenses, what can I claim?

If you are a parent, who also happens to be a student, who spends at least 12 hours per month studying in an eligible post-secondary institution lasting at least three consecutive weeks, you may be eligible to claim certain child care expenses. For a complete list of these eligible child care expenses please visit: www.cra-arc.gc.ca