Provides tax savings on amounts paid for tuition and enrollment in post-secondary educational programs. Tax deductions are also available for apprentices and other workers in regulated occupations who must pay to complete certification examinations. (Red Seal and Non Red Seal)
CRA allows you to accumulate 5 years' worth of interest payments and claim them in one year. Because you cannot claim a refund for your student loan interest alone, do not claim it on a year when you don't owe taxes. Instead, save the claim and carry it forward to any subsequent year.
You may be eligible to claim an amount for the interest paid on your loan provided you received the loan under:
An income tax exemption is provided for post-secondary scholarships, fellowships and bursaries received in connection with a student’s enrollment in a program that qualifies for the Education Tax Credit. An income tax exemption is also provided for scholarships and bursaries for elementary and secondary students. Students must have a T2202 (eligible tuition fees) for any bursary over 500.00 not to be included as income.
You can claim this credit if you were a resident of British Columbia and you completed an eligible program administered through the British Columbia Industry Training Authority
OR
You must have passed a challenge exam and received a Certificate of Qualification from the British Columbia Industry Training Authority in the tax year. Please keep supporting documentation that describes whether you attended a Red Seal or NON Red Seal Program.
When submitting your tax documents, include a copy of the required ITA Training Certificate indicating which level(s) completed in the tax year.
If you were an eligible educator you can claim up to $1,000 of eligible teaching supplies expenses. When submitting your tax documents, provide ONE total for all eligible expenses. While we do not require the receipts, you are required to keep these for 6 years should CRA request to see them.
Select FIND OUT MORE to determine if you are an eligible educator and which expenses are eligible.