5 Tax Tips for Students
Canadian students must stay current with the latest income tax regulations and deductions changes to maximize their tax filing and refund. Here are a few tips to keep in mind for the 2022 filing season.
Take advantage of federal and provincial (if available) tuition credits. Your T2202 will show you how much tuition you paid. Your T2202 can be downloaded from your post-secondary institution’s web portal. If you don’t use the full amount, the remainder can be transferred to the next tax year or to a family member.
Student Loan Interest Payments
Claim the student loan interest deduction. You can claim the interest paid on your student loans in 2022 (and unclaimed payments from the last five years) on your taxes. Claiming this amount can help reduce your taxable income.
Transit Tax Credits
Take advantage of the transit tax credit. Students who use public transit to get to and from school or work can claim a tax credit for their transit costs.
If you moved more than 40km from home to attend a post-secondary institution, you might be eligible to claim some or all your moving expenses.
If you’re a student who is also a parent and paid childcare expenses in 2022, you may be able to claim these expenses on your return.
By taking advantage of these deductions and credits, you can maximize your tax filing and refund to ensure you get the most out of your tax return.