Tax Relief Measures

The Government of Canada offers help to students in the form of tax relief measures. These include:

• a 17 percent tax credit on the interest you pay on your student loans each year
• an education claim of $400 per month on your tax form for full-time studies
• a non-refundable textbook tax credit of $65 for each month you're enrolled in a course that entitles you to a full-time education tax credit
• a full tax exemption for all post-secondary scholarships and bursaries. You'll still receive a T4A slip but if the scholarship or bursary relates to enrolment in a program that entitles you to the Education Tax Credit, then the amount doesn’t need to be reported on your income tax return, and
• tax-free Registered Retirement Savings Plan withdrawals for the purposes of Lifelong Learning.

Check out the Canada Revenue Agency’s Students and Income Tax brochure for more information.