{"id":455,"date":"2016-02-18T20:00:27","date_gmt":"2016-02-18T20:00:27","guid":{"rendered":"http:\/\/carringtoninc.ca\/?p=455"},"modified":"2016-02-18T20:02:08","modified_gmt":"2016-02-18T20:02:08","slug":"cra-student-credits","status":"publish","type":"post","link":"https:\/\/carringtoninc.ca\/?p=455","title":{"rendered":"CRA Student Credits"},"content":{"rendered":"<h1 id=\"wb-cont\"><strong>Taxes 101: Students earn \u201cextra credits\u201d this term!<\/strong><\/h1>\n<div id=\"wb-auto-1\" class=\"wb-share text-right mrgn-tp-lg mrgn-bttm-lg wb-init wb-share-inited\">Did you know?<\/div>\n<p>The Canada Revenue Agency (CRA) has tax credits, deductions, and benefits to help students. Make sure you claim those you are eligible for when you file your income tax and benefit return. Even if you have little or no income, you should still file your income tax return to claim eligible credits and benefits.<\/p>\n<p>Want to learn more about the benefits of filing a tax return? Check out our two videos designed to help you put cash back in your pocket this filing season: <a href=\"https:\/\/www.youtube.com\/watch?v=b-AxdXBFqhc&amp;list=PLE17225CD389B18EB&amp;index=29\">Filing your Tax Return<\/a> and <a href=\"https:\/\/www.youtube.com\/watch?v=bjpowH86ODU&amp;list=PLE17225CD389B18EB&amp;index=28\">Filing by Yourself<\/a>.<\/p>\n<h2>Important facts<\/h2>\n<p>Here are the top savings for students at tax time:<\/p>\n<ul>\n<li><a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rtrn\/cmpltng\/ddctns\/lns300-350\/323\/lgbl-eng.html\">Eligible tuition fees<\/a> \u2013 You can claim the tuition fees paid to attend your post-secondary educational institution for the tax year in question. You may be able to transfer the unused amount to a parent, grandparent, or to the parent or grandparent of your spouse or common-law partner.<\/li>\n<li><a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rtrn\/cmpltng\/ddctns\/lns300-350\/323\/dctn-eng.html\">Education amount<\/a> \u2013 As a full-time student (or a part-time student who has a certified mental or physical impairment), you can claim <span class=\"nowrap\">$400<\/span>\u00a0for each month\u00a0you were enrolled in a qualified educational program in a designated educational institution. As a part-time student, you can claim <span class=\"nowrap\">$120<\/span> for each month you were enrolled. You may be able to transfer the unused amount to a parent, grandparent, or to the parent or grandparent of your spouse or common-law partner.<\/li>\n<li><a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rtrn\/cmpltng\/ddctns\/lns300-350\/323\/txtbk-eng.html\">Textbook amount<\/a> \u2013 Claim this amount <strong>only<\/strong> if you are entitled to claim the education amount.\u00a0 You can claim:\n<ul>\n<li><span class=\"nowrap\">$65<\/span> for each month you qualify for the full-time education amount<\/li>\n<li><span class=\"nowrap\">$20<\/span> for each month you qualify for the part-time education amount<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>You may be able to transfer the unused amount to a parent, grandparent, or to the parent or grandparent of your spouse or common-law partner.<\/p>\n<ul>\n<li><a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rtrn\/cmpltng\/ddctns\/lns300-350\/319-eng.html\">Interest paid on your student loans<\/a> \u2013 You may be able to claim an amount for the interest paid in 2015 on your student loan for post-secondary education after your education is completed. You can also claim interest paid over the last five years if you haven\u2019t already claimed it. But it has to be interest paid on a loan received under the<cite>Canada Student Loans Act<\/cite>, the <cite>Canada Student Financial Assistance Act<\/cite>, the Canada Apprentice Loans Act, or a similar provincial or territorial government law.<\/li>\n<li><a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rtrn\/cmpltng\/ddctns\/lns360-390\/364\/menu-eng.html\">Public transit amount<\/a> \u2013 You can claim the cost of monthly public transit passes or passes of longer duration such as an annual pass for travel within Canada on public transit for 2015. Keep your transit passes for local buses, streetcars, subways, commuter trains or buses, and local ferries in case we ask to see them at a later date.<\/li>\n<li><a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rtrn\/cmpltng\/ddctns\/lns206-236\/219\/menu-eng.html\">Eligible moving expenses<\/a> \u2013 If you moved for your post-secondary studies and are a full-time student, you may be able to claim moving expenses. You can deduct these expenses <strong>only<\/strong> from the part of your <a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rtrn\/cmpltng\/rprtng-ncm\/lns101-170\/130\/schlrshp-eng.html\">scholarships, fellowships, bursaries, certain prizes, and research grants<\/a> that has to be included in your income. If you <strong>moved to work<\/strong>, including for a summer job, or to run a business, you can also claim your moving expenses.\u00a0However, you can deduct these expenses only from the income you earned at the new work location.\u00a0To qualify, your new place of residence must be at least 40 kilometres closer to your new school or work location.<\/li>\n<li><a href=\"http:\/\/www.cra-arc.gc.ca\/bnfts\/gsthst\/menu-eng.html\">Goods and services\/Harmonized sales tax (GST\/HST) credit<\/a> \u2013 If you are turning 19 before <span class=\"nowrap\">April 1, 2017<\/span>, you may be eligible for the GST\/HST credit. The CRA will determine your eligibility when you file your 2015 income tax and benefit return and will send you a notice of determination if you are eligible for the credit.<\/li>\n<li><a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rtrn\/cmpltng\/ddctns\/lns206-236\/214\/menu-eng.html\">Child care expenses<\/a> \u2013 If you pay someone to look after your child while you go to school, you may be able to deduct child care expenses.<\/li>\n<\/ul>\n<p>If you had a summer job or worked during the school year, your employer is required to provide you with a T4 slip. Make sure to collect all your T4 slips before filing to avoid any adjustment or delay to your benefit and credit payments.<br \/>\nFor information on carrying forward or transferring amounts, and to check out the CRA\u2019s\u00a0videos\u00a0for students,\u00a0go to<a href=\"http:\/\/www.cra-arc.gc.ca\/youth\">www.cra.gc.ca\/youth<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Taxes 101: Students earn \u201cextra credits\u201d this term! Did you know? The Canada Revenue Agency (CRA) has tax credits, deductions, and benefits to help students. Make sure you claim those you are eligible for when you file your income tax and benefit return. Even if you have little or no income, you should still file &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/carringtoninc.ca\/?p=455\"> <span class=\"screen-reader-text\">CRA Student Credits<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CRA Student Credits - My CMS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/carringtoninc.ca\/?p=455\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CRA Student Credits - My CMS\" \/>\n<meta property=\"og:description\" content=\"Taxes 101: Students earn \u201cextra credits\u201d this term! Did you know? The Canada Revenue Agency (CRA) has tax credits, deductions, and benefits to help students. Make sure you claim those you are eligible for when you file your income tax and benefit return. Even if you have little or no income, you should still file &hellip; CRA Student Credits Read More &raquo;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/carringtoninc.ca\/?p=455\" \/>\n<meta property=\"og:site_name\" content=\"My CMS\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-18T20:00:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-02-18T20:02:08+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cci\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/carringtoninc.ca\/#website\",\"url\":\"https:\/\/carringtoninc.ca\/\",\"name\":\"My CMS\",\"description\":\"Full Cycle Bookkeeping, Tax Preparation and much more!\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/carringtoninc.ca\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/carringtoninc.ca\/?p=455#webpage\",\"url\":\"https:\/\/carringtoninc.ca\/?p=455\",\"name\":\"CRA Student Credits - My CMS\",\"isPartOf\":{\"@id\":\"https:\/\/carringtoninc.ca\/#website\"},\"datePublished\":\"2016-02-18T20:00:27+00:00\",\"dateModified\":\"2016-02-18T20:02:08+00:00\",\"author\":{\"@id\":\"https:\/\/carringtoninc.ca\/#\/schema\/person\/c0602dae69ebb2c86dc756c9358f2213\"},\"breadcrumb\":{\"@id\":\"https:\/\/carringtoninc.ca\/?p=455#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/carringtoninc.ca\/?p=455\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/carringtoninc.ca\/?p=455#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"http:\/\/carringtoninc.ca\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CRA Student Credits\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/carringtoninc.ca\/#\/schema\/person\/c0602dae69ebb2c86dc756c9358f2213\",\"name\":\"cci\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/carringtoninc.ca\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/bc9b11de0508f9eeea5c9b2901297564?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/bc9b11de0508f9eeea5c9b2901297564?s=96&d=mm&r=g\",\"caption\":\"cci\"},\"url\":\"https:\/\/carringtoninc.ca\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"CRA Student Credits - My CMS","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/carringtoninc.ca\/?p=455","og_locale":"en_US","og_type":"article","og_title":"CRA Student Credits - My CMS","og_description":"Taxes 101: Students earn \u201cextra credits\u201d this term! 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