Students: end your school day with a payday
Whether you’re a full or part-time student, you’ve been entitled to receive unique credits that help offset the cost of your tuition, education and textbooks. These credits help reduce the amount of taxes you owe at the end of the year. If you don’t use all your credits for that year, you can carry them forward or transfer them to a spouse or parent. Unfortunately, the federal government eliminated education and textbook amounts meaning you won’t be able to claim them on your 2017 tax return. The good news? There are still federal credits for tuition fees, and you’ll still be able to carry forward unused education/textbook amounts from previous years.
While these changes will have an impact on what you and your family can claim, we’re here to make sure you get all the credits you deserve. In 2017, our Tax Experts helped students ace their taxes: when they filed with us, students received an average refund of over $1,200.*
Here’s what you need to know for filing your 2017 taxes:
Federal Education and textbook credits cancelled
In previous years, a full-time student would have been able to claim education /textbook amounts of $4,185. If they claimed the full $4,185, this would have resulted in tax savings of $628. This is now no longer available from the federal government.
Provincial Education and tuition amount changes:
British Columbia: Education credit stays
The education amount will stay in effect for 2017 and 2018, but will be eliminated in 2019.
Alberta, Prince Edward Island, Nova Scotia: Education credit stays
The provincial education amount won’t be eliminated.
Saskatchewan: Education and tuition credits eliminated
Saskatchewan eliminated both the provincial education and tuition amounts effective July 1, 2017. If you’ve got any unused credits from previous years, you’ll be able to carry them forward.
Manitoba: Tuition fee income tax rebate reduced
The tuition fee income tax rebate is being phased out. In the past, post-secondary graduates could get up to 60% of their tuition fees refunded over a period of ten years, as long as they remained a resident in Manitoba. For the 2017 tax year, the maximum claim was reduced from $2,500 to $500, further lowering your tuition fee income tax rebate. Students who were relying on the rebate to get their tuition fees refunded over a ten-year period will have proportionately reduced refunds.
Ontario: Education credits eliminated, tuition credits reduced
Ontario has eliminated both the provincial education and tuition amounts effective September 2017. If you have any unused credits from previous years, you’ll be able to carry them forward.
New Brunswick: Education credits eliminated, tuition credits reduced
New Brunswick has eliminated the provincial education credit and reduced the credit for tuition fees. If you’ve got unused credits from previous years, you’ll be able to carry them forward.
Our Tax Experts are trained to ensure students maximize any new or unused credits and get every eligible deduction available, because we know bigger tax breaks mean better spring breaks for you.
As a full-time student, you can file for just $39.99 + filing fee.† Find an office near you, or let our Online Tax Software handle all the changes for you.
* Average is based on all student returns prepared at H&R Block company owned locations in Canada during January 2nd to May 1st, 2017 for the 2016 tax year for regular tax returns. The average refund amount calculated for students was over $1,210 for students who were entitled to a refund; cannot be guaranteed and varies based on each individual tax situation. Not everyone gets a refund..
†Valid for Basic, Typical or Intermediate return preparation only. Pricing subject to change without notice. Filing fee ranges from $7.99 to $25 depending on filing method chosen. To qualify, student must present either (i) a T2202A documenting 4 or more months of full-time attendance at a college or university during the applicable tax year or (ii) a valid high school ID card. Students pay $99.99 + Filing Fee for Advanced or Complex return. Valid only at participating locations. Instant Refund™ service not included. See hrblock.ca for details.