Tax Relief

The Government of Canada now offers various forms of tax relief to students:

• A 17 percent tax credit on the interest portion of the amount paid on student loan payments each year;
• Tax-free RRSP withdrawals for the purposes of lifelong learning;
• Full-time students may claim an education amount of $400 per month;
• New: A non-refundable textbook credit amount of $65 for each month you are enrolled in a course that entitles you to a full-time education tax credit; and
• New: A full tax exemption from all post-secondary scholarship and bursary income. You will still receive a T4A but if the scholarship or bursary relates to enrolment in a program that entitles you to the Education Tax Credit, then the amount should not be reported on your income tax return.

Click here for the Canada Revenue Agency Student and Income Tax Brochure.

For more information, please contact the Canada Revenue Agency.

For more information on Tax Relief, please visit the 'Obtaining Repayment Assistance' section located in the 'Pay' 'Repay your Student Loan' section of www.canlearn.ca