As the countdown to the deadline continues, we celebrate the sixth day before April 30 by focusing on student tax credits. If you attended a post-secondary institution in 2012, here are some tips for maximizing your return:
- Students receive a T2202A Form that allows them to claim their tuition.
- The T2202A will also indicate how many months you can claim the education amount and the Textbook Tax Credit. You do not claim the actual amount spent on textbooks.
- In most cases, scholarships and bursaries are tax-free.
- If you had to move in order to get a summer’s job, you may be able to claim moving expenses.”
- You can transfer up to $5,000 in unused tuition and education credits to a parent, grandparent or spouse.
- You may take the bus or subway to school but in order to take advantage of the Public Transit Tax Credit, you need to have taxable income.
Remember, the credits are non-refundable, which means they cannot create a refund for you. You need to have paid income tax during the year in order to benefit. But the credits are not lost. If you cannot use all your tuition and education credits on your return, you are allowed to carry the unused amounts forward to use in future years. The amount will be shown on your Notice of Assessment. But you have to file your T2202A Form the year you receive it in order to claim the credits.