Let's Talk Tax

The short answer is yes. Your school will give you a tax slip, the T2202 with the total eligible fees paid for the tax year. If you have more than one tax slip, you can claim all amounts more than $100.

In most cases, yes. If you are a full-time student, then the bursary you received is not taxable and not reported in your total income. However, if you live in Quebec, the amount must be reported in your total income, and deductible afterwards on your tax return.

Yes, you can. You may transfer a maximum of $5,000 of the current year's federal tuition amount, minus the amount you used to reduce your tax owing as calculated on Schedule 11.

The Canada training credit (CTC) is a new refundable tax credit available for 2020 and later years to help Canadians with the cost of eligible training fees.

Good news, the answer is yes. Only you can claim the interest that you, or a person related to you, paid on that approved provincial and federal student loan during 2020 or the preceding 5 years. You cannot transfer this amount to another person.