With costs going up to attend post-secondary institutions, it is more important than ever for students to understand how they can maximize their funds during the student years. One potential avenue? Saving money on income taxes!
Tuition tax credit
The biggest credit in terms of dollar value is typically the tuition tax. Students are eligible to claim a federal non-refundable tax credit equal to 15% of eligible tuition fees. These credits can turn into massive carryforward amounts that can result in large refunds when the student graduates and starts working.
The tuition tax credit is granted to students who attend a qualifying educational […]