Post-secondary students are entitled to claim a number of tax deductions and credits for costs relating to their education. In addition, such students are frequently in a position to claim several tax deductions and credits which are available to all taxpayers, including the moving expense deduction and the GST/HST tax credit.
The Canada Revenue Agency publishes a guide – Students and Income Tax 2023 (P105) – which summarizes each of the credits and deductions for which post-secondary students are likely to be eligible.
The CRA recently updated that guide for the 2023 tax filing year, and the current version of the P105 can be found on the CRA website at P105 Students and Income Tax 2023 – Canada.ca.
If you would like help with dealing with the CRA or would like to know more about taxable benefits, please feel free to call us at (905) 305-9722 or email us at info@eigenmachtcrackower.com and we will help you out!
