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As a student, what deductions, credits, and expenses can I claim on my tax return?

by TurboTax Updated 3 days ago

As a student, you might be able to claim a variety of credits and expenses on your tax return. This video helps to highlight some of the best practices we recommend when filing your return as a student, and we've also compiled a list of common credits, expenses, and exemptions for you to reference here:

Claim this federal credit if you paid $100 or more in tuition for courses you took at a post-secondary educational institution and for occupational skills courses you took at a designated educational institution.

Claim the provincial education credit if your province or territory of residence is:

  • Manitoba, Prince Edward Island, Nunavut, Northwest Territories, Newfoundland and Labrador, Quebec (Schedule T) or Nova Scotia
  • Alberta: This credit was last available in tax year 2019. Unused amounts from 2019 or prior can still be claimed in later tax years.
  • British Columbia: This credit was last available in tax year 2018. Unused amounts from 2018 or prior can still be claimed in later tax years.

Note: You will need a completed T2202A or TL11 form to claim the credit.

While scholarships and other academic awards are considered income, you might be able to claim exemptions that will help lower your taxes.

Claim moving expenses if you studied at a post-secondary institution full-time, moved at least 40 kilometres closer to your school, and received scholarships, bursaries, or other prizes that were included in your taxable income.

You might be eligible to claim childcare expenses if you paid someone to look after your child so you could go to school.

This is a non-refundable tax credit that can only be claimed by the student, regardless of who applied for the loan or paid the interest on it.

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