Tax Tips for Students

By RedFlagDeals.com Staff

At this time of the year, there are a lot of money tips to students. You'd do well to keep them in mind, but setting budgets and looking for deals aren't the only ways to save money. Did you know that there are plenty of tax incentives for students and parents of students?

• College and university students can receive up to $400 in tax credits per month for full-time education and up to $120 in credit for every month of part time. Exact amounts vary by province.
• Students can receive a tax credit for tuition. Look for it on federal and provincial tax forms.
• A textbook tax credit exists. On average, full-time students can receive $65 per month and part-time students can receive $20 per month in credits for textbooks (exact amounts can vary by province).
• If you take public transportation, there's a tax credit for transit passes.
• It's possible for students to transfer some of their tax credits (up to $5000) to their parents. This can be a big advantage as long as long as students don't need the credits to lower their own taxes payable.
• If you pay rent and live in Ontario, Manitoba, or Québec, you may be eligible for a tax credit.