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Tax Hacks You Can Take Advantage of as a Student

Written by Chris D’Alessandro

Taxes suck. Use these tips to ease the pain.

Nobody likes doing taxes. They’re universally reviled, like rugburns or guys who still drive Hummers.

But being a student is crazy expensive, so we want always find new ways to help you either save money, or in this case, get as much of it back as possible.

So we asked H&R Block, who know a thing or two about taxes, for their very best student tax tips, here are some of the things that they came back with.

Get Credit for Textbooks 

A post-secondary student can claim $65 for every month they qualify for the full-time education amount. Part-time students can claim $20 per qualifying month. But the credit does not depend on how many textbooks you purchase—it is standard for every student who qualifies. 

Enjoy a tax free scholarship 

Scholarships and bursaries are tax free if the related program qualifies for the education amount. Scholarships at the secondary school level are also non-taxable, but not scholarships received for post-doctoral work. 

Get on the bus 

For students dependent on transit to get to campus, keep your passes to claim the Transit Tax Credit. The program also includes electronic passes, if you used to pay for 32 trips in 31 days and weekly passes used for four consecutive weeks. You need the receipts and transit passes to back up your claim. 

Get the GST Tax Credit 

Students turning 19 before April 1, 2018, should file a 2016 return even if they had no income. This will allow them to collect GST/HST for the first payment period following their birthday. 

Moving Credits 

If you move more than 40km to take a summer job, you may be able to claim moving expenses against your employment income at the new location. Deductible expenses include travel, transportation, storage and cost of meals and temporary accommodation for up to 15 days. 

Loan interest 

Interest on government and provincial student loans that you are repaying is deductible. Loans and credit lines outside the government program are not deductible. 

Now admittedly, we have a hard time understanding some of these too. And H&R Block has even more tips than that.

Which is why you might want H&R Block help you file your taxes as well. They’re not just tax experts, they’re Canada’s leading tax preparation firm. Probably because they offer year-round support and special student pricing.

*Opinions expressed are those of the author, and not necessarily those of Student Life Network or their partners.