Are you a Student in Canada? (Part-time or Full-time)

Taxable income as a student

As a full-time student you are still obligated to file your income tax return in Canada. Whether you have received income from a part-time, occasional or summer job (this includes all tips you received while working), or earned no income at all, you will need to file your income tax return. All monies you received from working are considered employment income.

Claim your interest

When repaying your student loan, you’re able to claim the interest as a non-refundable tax credit to help reduce taxes you may owe.

Claim the Federal Tax Tuition Credit

This is one of the top tax-credits for post-secondary students. You will need your T2022 to prove how much you have paid in tuition. This form can be downloaded from your school’s web portal. If you don’t need the full amount this year, you can carry the credit over to use in the future OR transfer it to a family member, to help them reduce their taxes

Canadian Training Credit

This credit is available to you, if you paid tuition or other fees for post-secondary courses for this tax year. In order to qualify for this credit, you must be between the ages of 25 to 65 and have a Canada training limit. You can find your Canada Training limit on your 2021 Notice of assessment.

The Canada Training credit is refundable, meaning if your credit is higher than the amount of taxes you owe, you will get to keep the rest of the refund

Student moving expense

If you have moved 40 kilometers or more away from home to get a summer job, you may be able to claim your moving expenses. This includes any money you paid for travel, storage, temporary living expenses, transportation and more. Moving expenses may also be claimed to take a course as a full-time student in a post-secondary program.

Are you a student who is also a parent?

If you have to pay someone to care for your child so you can attend classes, you may be able to claim your child care expenses on your tax return. This includes daycare, babysitters, etc.

International Students studying in Canada

The Canada Tax system is based on residency, not citizenship. If you received any Canadian source of income and/or considered a resident, you need to file your tax return. International students who would like to claim any of the tax credits or deductions they might be eligible for GST/HST credits, provincial credits, tuition rebates, tuition-related tax credits, etc. You will need to file a tax return.

Our team at Mak Tax understands that doing your taxes can be overwhelming and complicated. Tax Filing has many caveats/stipulations. Our team can help with your filing. We can make sure that all credits and deductions you’re entitled to are accounted for.