If you are a post-secondary student, there are some changes coming in 2017 to the income tax regulations that you need to be aware of.
Currently, full- and part-time post-secondary students who are enrolled in qualifying programs are able to claim extra credits over and above their tuition paid under the “education amount” credit. This credit currently allows students to claim $400/month for full-time studies and $120/month for part-time studies along with an additional credit for textbooks of $65/month for full-time and $20/month for part-time studies. Students, enjoy this credit while you can because it is going away soon!
Starting in the 2017 tax year, the education amount and textbook credits will no longer be available. Students will only be able to claim their tuition going forward. Not to worry if you have unused credits built up from prior years; you can claim those until they are completely used up! You don’t lose them, but you won’t be able to claim any new amounts starting next year.
To keep up to date on changes to income tax regulations that you need to know and receive tax tips, like Lime Accounting + Tax’s Facebook page!