Back to School Tax Tip #4

Non-Refundable Tax Credits

The most common post-secondary non-refundable tax credits that apply to students are interest paid on student loans, the tuition, education and textbook amounts, the public transit amount, and the Canada employment amount.

Tax TipsTransferable Credits

The student has the option of transferring the tuition, education, and textbook amount to a parent, spouse, common law partner or grand-parent if it is not fully absorbed on his or her income tax return. If the student carries them forward, the transferability will be lost. The amount that can be transferred is limited to a maximum amount of $5,000 (or $850 in tax credits) per year.

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