Students can file their own taxes with these simple steps

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Full time and part time post-secondary students can file their own taxes. They are entitled to credits that will increase their refund or reduce taxes.

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1) Claim the federal tuition tax credit:

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- This is one of the top tax credits for post-secondary students.

- Even if you aren’t reporting any income this year, you can use this credit to claim the eligible tuition fees (over $100) you paid to take courses at school.

- You can also claim fees you paid to an educational institution to take a course for developing or improving your skills in an occupation.

- Fees you paid to take an occupational, trade or professional exam can also be claimed, as long as you have the receipt.

- Be sure to have your T2022 certificate to prove how much tuition you paid for the year.

- If you don’t need the full amount this year, you can carry this credit forward to use in the future, or transfer at maximum of $5,000 to a family member (parent or guardian) so they can reduce their taxes.

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2) Claim the Canada training credit:

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- This is a new federal tax credit, and is available if you paid eligible tuition or other fees for post-secondary courses you took during the year.

- In order to claim this credit, you have to be between 25 and 65, and have a Canada training limit. Your Canada training limit is based on the income reported on your return, beginning in 2019.

- The training limit for most Canadians who are eligible for this credit will be $250 in 2020. Your Canada training limit is on your 2019 Notice of Assessment.

- The Canada training credit is refundable, which means if your credit is higher than the amount of tax you owe, you can keep the rest as a refund.

- Note: You can claim your tuition tax credit and Canada training credit in the same year, however the Canada training credit reduces the tuition tax credit you can claim, transfer, or carry forward.

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3) Claim the interest you paid on your student loans:

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- You can claim the interest you paid on your student loans to reduce the amount of tax you owe.

- Do this if your loan was issued to you under the following: The Canada Student Loans Act, The Canada Student Financial Assistance Act, Act respecting financial assistance for education expenses (Quebec residents), The Canada Apprentice Loan Act, a similar provincial or territorial government law.

- Note: interest paid on a personal loan or line of credit, a student loan that's been combined with another loan, or a student loan from another country won’t qualify for this credit.

- If you don’t need to use the full credit this year, carry forward unused amounts for the next 5 years.

- Keep in mind, you can’t transfer these amounts to anyone else. Only you can claim the eligible interest amounts that you, or someone related to you, paid on your student loans.

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4) Students with a disability:

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- As a student with a disability, you might have some additional expenses that others don’t and can claim some additional tax credits and deductions.

For example, if you need a page turner device or note-taking services to study, you might be able to claim these costs as a disability support deduction on your federal and/or Quebec return.

- Depending on the type of expense, the CRA (and Revenu Québec, if you’re a Québec resident) might ask for a prescription or a written certification from a medical practitioner.

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5) Moving expenses:

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- Claim moving expenses if you moved more than 40 kilometres away from home to take courses in a post-secondary program in 2020

- This includes what you paid for transportation, storage, travel, temporary living, and more.

- To qualify, you’ll need to be a full-time student who earned income related to your reason for moving (for example, if you received a taxable scholarship, research grant, or prize).

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