Canadian students who file their own taxes; a question

[dizmo]

I've got a question for any Canadian students who have filed their own taxes.

What exactly can you claim when you file?

If I got a laptop for school, is that tax deductible? What about text books?

 

I'll be talking to a proper tax specialist, but I figured it doesn't hurt to ask here first.

[eLucid]

You can claim pretty much anything that's used for school. Even bus passes if you don't have access to a car.

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You can claim pretty much anything that's used for school. Even bus passes if you don't have access to a car.

 

I wonder if this applies for those compass cards replacing bus passes. I spend about $4 a day going to work and school.

[thekeemo]

Wait anything that is school used? I thought it was only bus passes.

[eLucid]

Wait anything that is school used? I thought it was only bus passes.

 

If you're a full-time student, yes.

[thekeemo]

If you're a full-time student, yes.

Hmm I wonder if my computer is covered..

[dizmo]

You can claim pretty much anything that's used for school. Even bus passes if you don't have access to a car.

Is it a percentage? I'm thinking about buying a new laptop to write off towards my taxes.

 

I wonder if this applies for those compass cards replacing bus passes. I spend about $4 a day going to work and school.

Yeah, I don't think you'd be able to write that off since it's not just used for school. It's also your primary mode of transportation.

Now, you might be able to write off a portion based on your school only travel. I know you do that for gas/insurance on a company vehicle.

I've wondered how that will work as well, since you can write off the passes but they usually want you to send them in.

 

Wait anything that is school used? I thought it was only bus passes.

It's definitely more than just bus passes as far as I understand it.

[thekeemo]

Is it a percentage? I'm thinking about buying a new laptop to write off towards my taxes.

 

Yeah, I don't think you'd be able to write that off since it's not just used for school. It's also your primary mode of transportation.

Now, you might be able to write off a portion based on your school only travel. I know you do that for gas/insurance on a company vehicle.

I've wondered how that will work as well, since you can write off the passes but they usually want you to send them in.

 

It's definitely more than just bus passes as far as I understand it.

 

A tax deduction will reduce your taxable income for the year. Tax deductions available to students include:

 

moving expenses

child care expenses.

A non-refundable tax credit reduces your taxes that are owed. It is calculated by multiplying the total dollar amount by the lowest tax bracket (currently 15%). For example, if you spent $500 on public transit you would get a credit of $75 ($500 x 15%). Non-refundable tax credits for students include:

 

tuition, education, and textbook amounts

Canada employment amount

public transit amount

interest paid on your student loan

im confused