CRA issues Tax Tip for students for 2021 return filings
Post-secondary students filing a return for the 2021 tax year are entitled to claim a number of tax credits and deductions for education-related expenses which they incur, in addition to the credits and deductions available to all individual taxpayers.
The Canada Revenue Agency recently issued a Tax Tip for post-secondary students entitled “What students need to know this tax season”. That Tax Tip, which is available at this link lists each of the deductions and credits commonly claimed by students, and provides information on the tax treatment of the types of income which students may have received during 2021, including pandemic benefits.