Tuition should be a straightforward deduction, but based on the frequency of audits by Revenue Canada, tax payers don’t understand ‘Tuition Credits’ very well (Revenue Canada wouldn’t audit if it was being done correctly).
Firstly, the slips are generally only available online, through the educational institution’s website.
- And, the university/college can be outside of Canada.
- And, you don’t need to save your textbook receipts.
- And, you could claim exam fees.
- And, you need to print off this slip before you see your tax preparer!
- And, if EI paid for your course, it is still a deduction (you would see this often as a ‘budding’ tradesperson).
- And, only the student can claim it, not the parent, no matter who paid (as long as the student makes less than $15,000, some credit could be transferred).