Proccounting Inc

There are a number of credits and benefits that are available to students. Filing a tax return is the only way to receive the benefits.

If you are 19 or older, you may be eligible for GST/HST credit. To obtain the money, you have to apply for it by filing a tax return. GST/HST refund is paid in quarterly instalments.

As a student, you probably have little or no income. In some province, tax credits, in a form of a tax refund, are available for low-income individuals. You may be surprised to get a tax refund even when you don't pay any taxes.

If you had a summer job, you may probably recover most of the tax, and CPP premiums that were deducted from your pay cheques.

You can claim tuition fees for post-secondary courses at a college or university. You need an official income tax receipt or a T2202A as supporting document.

On top of your tuition fees, an education amount may be available if you are enrolled in college or university.

A non-refundable text book credit is available to post-secondary students.

All income from scholarships, fellowships, bursaries and achievement prize is tax exempt if you are enrolled in a program that qualifies for the education amount.

Research grants are taxable but you can deduct the expenses you incurred to conduct the research.

You can claim a tax credit on interest paid on student loan.

Tuition fees and education amounts that are not needed to reduce tax payable to zero can be transferred to a parent or grandparent. If you are married, you can transfer the unused credit to your spouse. You can also choose to carry forward the unused credit to future years when you have sufficient income to use the credit.