Did you know that the Canada Pension Plan contribution rates have risen starting January 2019? https://t.co/j9hfofJTaO
Back to School: Common Deductions for Students, Part 1in Tax Advice Information and Updates
You can start by learning all the common deductions that can apply to you as a student. Here are some of the common deductions that may apply to you.
Moving expenses: You may qualify to claim moving expenses if you move for the following reasons:
- Attendance at a post-secondary educational institution. These are expenses can only be deducted from the taxable part of your scholarships, fellowships, bursaries, certain prizes and research grants. Note that you can claim moving expenses that you incur at the start of each academic period or when you move back after a summer break.
- Employment. This includes summer employment or if you run a business. These moving expenses must be deducted from employment or self-employment income you earned at the new location. You can also claim these expenses if you move to go back to your educational institution after a work semester as a co-operative student. Note that you cannot claim these expenses if they were paid by your employer.
If you move to attend a post-secondary educational institution or for employment, your new home must be at least 40 kilometres closer to the educational institution or new place of work.
If you are taking correspondence courses, you cannot claim moving expenses.
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