What school expenses are eligible for tax credits? What do I have to keep track of?
The quick and easy answer is, for most students, only the tuition you pay generates any kind of tax credit. Your school will report this amount to you each year on a T2202A slip, and it will reflect only the eligible portion of what you paid them over the year - it will not include some of the various other fees and levies you pay.
And that’s pretty much it! There used to be additional credits based on the number of months you were enrolled in school, which provided a flat monthly amount intended to cover costs such as textbooks. However, this credit was eliminated federally in 2017, and most provinces have followed suit and eliminated their own provincial credits as well. For any provinces which still provide this credit, it will calculate based on the information on your T2202A slip. The tuition credit noted above remains in place everywhere.
So the bad news is, none of the other expenses you incur for school create any tax benefit. The good news is, you don’t have to worry about keeping track of them for your taxes.
Also in Tax Tips
To Depreciate or Not, That is the Question!
Can I Write Off My House?
