Canadian university students are able to claim several lucrative tax credits:
- The first tax credit that a student can claim is for tuition fees. In order to claim this credit the student must be taking courses costing $100 or more in a recognized educational institution.
- The second tax credit is the education amount. You are able to claim $400 per month for each month of full time attendance, and $120 per month for each month of part time attendance
- The third tax credit a Canadian university student can claim is the textbook amount. Full time students can claim $65 each month and part time students can claim $20 a month.
- The fourth tax credit is the interest amount. Students are eligible to claim most of the interest paid on eligible student loans.
- Fifth, a Canadian university student can claim the public transit amount. This tax credit allows students to claim the amount paid for annual or monthly transit passes.
