Student Tax Tips
Common Questions and Anwsers
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. For tax purposes, the tuition, education, and textbook credit are based on your status as a student (i.e., part-time or full-time) and the amount of months you attended the eligible post-secondary institution. Instead, providing us your T2202/T2202A would suffice.
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 kilometres 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 amounts 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
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