Part Time Education Tax Credits
Thursday, January 26, 2006
At my course on Monday night we were complaining about the cost of the textbook $250.00. The instructor agreed but we also pointed out that we get up to $200 a month in tax deductions/credits for part-time studies. He said it is actually supposed to offfset your costs for books and stuff.
I looked it up on my own and looks legit;
Students who are engaged in part-time studies—defined as a minimum of 12 hours of course work a month at a designated educational institution in Canada—may also claim the tuition fee credit of 16 per cent of eligible tuition fees. They may also deduct $120 a month toward eligibility for the 16 per cent federal education tax credit, and $132 per month (indexed) toward eligibility for the Ontario provincial education tax credit. The same transfer and carry-forward provisions applicable to full-time students also apply to part-time students.
posted by aforward @ 9:08 AM,
