(NC) Post-secondary education comes with a hefty price tag, especially as the cost of living keeps climbing. Luckily, the tuition tax credit can help take some of that financial pressure off your shoulders. Understanding how to take advantage of this credit is essential for students and their families.
The tuition tax credit is a valuable tax break as it can help you reduce the taxes you owe now and for years to come.
If you’re 16 or older, enrolled in a post-secondary program and paying for tuition, you can claim this credit when filing your taxes with the Canada Revenue Agency.
To claim the credit, make sure to share your social insurance number with your school. Then, in February, your school will issue you a T2202 form, also known as the Tuition and Enrolment Certificate. You’ll use this information when you do your taxes and claim the credit.
Claiming the credit could help reduce your tax bill. If you don’t owe enough tax to claim the full credit, you have options: you can carry it forward to a future year or transfer it to an eligible family member, such as your parent, grandparent, spouse or common-law partner.
If you don’t have a lot of experience doing your taxes, many schools offer free tax clinics to help you through the process, so don’t hesitate to reach out. These clinics can help you make the most of available credits and deductions.
More information on deductions, credits and payments for students is available at canada.ca/taxes-students.
