Student Life


FEATURED ARTICLES           Wednesday, September 08, 2010                                Email to a Friend

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Tax Time can be rewarding for students
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Tax Time can be rewarding for students

Patrick Henry

(NC)—Post secondary students may be thinking about midterms and Spring Break at this time of year but completing a tax return could mean a few extra dollars in their pockets.

"A number of students tax credits have been introduced to help with the costs of a post-secondary education," says Cleo Hamel, Senior Tax Analyst with H&R Block.

In addition to their tuition, students can claim the education amount of $400 per month for full-time students and $120 per month for part-time, for every month they are in school.

The Textbook Tax Credit allows full-time students who are eligible for the education credit to claim a $65 per month tax credit for textbooks; eligible part-time students receive a $20 credit per month.

"The credit is a flat rate so the amount you actually spend on textbooks is not a factor," explains Hamel. "But it does mean students won't have to find their book store receipt at tax time.

"Many students make the mistake of thinking they don't need to file a tax return. In fact, they qualify for a number of credits and they are actually missing out on a tax refund."

There is also the opportunity to claim credits such as the Canada Employment Amount, which is available to any Canadian with employment income in 2007, and the Transit Pass Credit.

Hamel adds that it is important to keep all your receipts and slips together so they are easy to find at tax time.

"You need the paperwork even if you file online," says Hamel. "If Canada Revenue Agency asks, you have to supply the slips or your claim could be denied."

To estimate your tax refund, check out the Refund Estimator on H&R Block's Facebook Page or go to hrblock.ca.

- News Canada
www.newscanada.com