Tuition Fees: Are You Eligible?

January 25, 2022

We are students or used to be students ourselves so we know that some extra cash always comes in handy.

Read on to see how you can claim tax on all amounts that are worth more than $100 as long as your fees were not already paid or reimbursed by:

  • either your employer, or one of your parents’ employers, with the amount not included in either of your incomes.
  • a job training program which was either federal, provincial, or territorial, with the amount excluded from your income.
  • a federal program assisting athletes, with the amount excluded from your income.

Your tuition fees are eligible as well! As long as you have your examination receipt, you are also eligible for licensing examination fees if you fit the following criteria:

The occupational, trade or professional exam you took was in order to get a professional status recognized by federal or provincial statute, or to be licensed or certified as a tradesperson, to allow you to practice the profession or trade in Canada, and the exam was taken from the following organizations:

  • an educational institution
  • a professional association
  • a provincial, ministry, or other similar institution

So, what is the education credit you can possibly receive?

  • Tuition paid for the year as stated by your receipt or T2202 A
  • $ 400 Monthly credit for each month you studied full time
  • $ 120 monthly credit for each month you studied part time
  • Plus the textbook credit

This all sounds amazing! How can I use it?

  • You can claim the whole amount if you had taxable income
  • You can carry forward to future years if you have no taxable income
  • You can transfer the credit to spouse or a parent to maximum of $5,000

We know how hard it is to be a student. The long nights of studying and early days of classes, not to mention the tight finances! So we hope this provides a little insight on how to get the most out of your taxes. For more information or for help on student finances, don’t hesitate to contact us! ABM Tax has professionals ready to tackle all of your questions and assist you in getting your taxes in order.