Student Tax Guide: Credits and Deductions (2024)

Tuition Tax Credit

The federal tuition tax credit is 15% of eligible tuition fees. If you paid $10,000 in tuition, that's a $1,500 federal credit (plus provincial).

What Qualifies

• Tuition paid to a Canadian university, college, or certified institution
• Fees for post-secondary or occupational skills courses
• Must total more than $100 per institution

What Doesn't Qualify

• Student association fees
• Books and supplies (separate from tuition)
• Transportation or parking
• Room and board

Transferring Credits

If you don't need all your tuition credits (your income is low), you can:

• Transfer up to $5,000 (federal) to a spouse, parent, or grandparent
• Carry forward unused amounts indefinitely for your own future use

T2202 Form

Your school issues a T2202 (Tuition and Enrolment Certificate) showing your eligible tuition. Access it through your school's student portal. You need this to claim the credit.

Student Loan Interest

Interest paid on qualifying student loans is eligible for a 15% federal tax credit.

Qualifying Loans

• Canada Student Loans
• Provincial student loans
• Canada Apprentice Loans

What Doesn't Qualify

• Bank loans or lines of credit (even if used for school)
• Credit card debt
• Loans from family

Carry forward: Unused student loan interest credits can be carried forward for 5 years.

Moving Expenses

If you moved at least 40 km closer to attend post-secondary education, you can deduct moving expenses against:

• Scholarships, fellowships, bursaries
• Research grants
• Employment income from the new location

Eligible Moving Expenses

• Transportation costs (gas, flights)
• Storage
• Temporary accommodation (up to 15 days)
• Cost of selling old home or breaking lease

Scholarships, Bursaries & Grants

Good news: Most scholarships, fellowships, and bursaries received for post-secondary education are tax-free if you're enrolled in a qualifying program.

Taxable amounts (report on your return):

• Amounts exceeding tuition and eligible expenses
• Research grants (though some deductions allowed)
• Scholarships for non-qualifying programs

Working as a Student

T4 Income

Part-time or summer job income is reported on T4 slips. Remember:

• First ~$15,700 is covered by the Basic Personal Amount (no federal tax)
• Provincial BPAs vary
• Tax withheld may be refunded if your annual income is low

Freelance/Self-Employment

If you do freelance work (tutoring, gigs, selling crafts), that's self-employment income. You can deduct related expenses but must report all earnings.

GST/HST Credit

Low-income individuals (including students) receive quarterly GST/HST credit payments. To receive them, you must:

• Be 19 or older, AND
• File a tax return

For 2024, a single person can receive up to $496/year.

Canada Workers Benefit (CWB)

If you work and have modest income (generally $3,000 - $33,000 for singles), you may qualify for the CWB—a refundable tax credit worth up to $1,428 in 2024.

Checklist for Student Tax Returns

Key Takeaways

• Always file a tax return as a student—even with no income
• Tuition credits can be transferred to family or carried forward
• Student loan interest (government loans only) is a tax credit
• Moving 40+ km for school? Deduct those expenses
• Most scholarships are tax-free for full-time students