School is Back.....Summer Never Came Though?

Goodbye Summer....Hello School

School doesn't have to be a complete let down when it comes to expenses. Here are eight tax breaks that students can take advantage of for the upcoming 2010 tax season.

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1. Tuition

The federal tuition credit is worth 15% of tuition paid. This is where you would claim books, parking, meals and residence.

2. Education Expenses

Full-time students can claim up to $400 a month and part-tim student $120 a month if they attend college or university.

3. Textbooks

There is a textbook tax credit. Full time students can claim $65 a month and opat-time student $20 a month.

4. Moving Expenses

Students who have moved 40 kilometers or more for school can claim moving expenses against the income they earned for full-time or part-time work.

5. Transit

Keep the receipts or passes for weekly, monthly or annual transit passes for school.

6. Employment

Students who have summer jobs are entitled to a $1,019 tax credit for work related expenses.

7. Student Loans

If you have started repaying your student loans, you are eligible to claim the interest you are being charged (only if it is through a federal or provincial lender). Loan interest amounts can be carried forward for up to 5 years.