7 ways you can save and get money by filing taxes in Canada this year if you're a student

Tuition tax credit

You could be eligible to claim provincial or territorial tuition, education and textbook fees which reduces the taxes you owe.

Generally, a course taken in 2024 at an educational institution in Canada will qualify for a tuition tax credit if it was either:

• taken at a post-secondary educational institution
• for individuals 16 years of age or older at the end of the year who are developing or improving skills in an occupation

Eligible tuition fees include:

• admission fees
• charges for use of library or laboratory facilities
• exemption fees
• examination fees that are integral to a program of study
• application fees (only if you later enroll)
• confirmation fees
• charges for a certificate, diploma or degree
• membership or seminar fees that are related to an academic program
• mandatory computer service fees
• academic fees

To claim your tuition fees you must have received one of the following forms from your educational institution:

• Form T2202, Tuition and Enrolment Certificate
• Form TL11A, Tuition and Enrolment Certificate – University Outside Canada
• Form TL11C, Tuition and Enrolment Certificate – Commuter to the United States
• Form TL11D, Tuition Fees Certificate – Educational Institutions Outside Canada for a Deemed Resident of Canada

Tuition, education and textbook amounts are claimed on line 32300 of your tax return.

Moving expenses deduction

Generally, you can claim moving expenses you paid in the year if both of the following apply:

• you moved to be a full-time student in a post-secondary program at a university, college, or other educational institution
• your new home is at least 40 kilometres closer (by the shortest public route) to your new school

Eligible moving expenses include:

• transportation and storage costs (like packing, movers, and insurance) for household items
• travel expenses (like vehicle, meal, and accommodation expenses) to move you to your new home
• incidental costs related to your move like changing your address on legal documents and replacing driver's licences

You must complete Form T1-M for your move.

Then, enter the total from line 29 in Part 4 of that form on line 21900 of your tax return.

Student loan interest tax credit

You could be eligible to claim the interest you paid on your student loan as a non-refundable tax credit.

A non-refundable tax credit reduces the tax you owe but if the total of your non-refundable tax credits is more than what you owe, you won't get a refund for the difference.

Interest paid on your student loan in 2024 or the preceding five years for post-secondary education can be claimed if you received it under:

• the Canada Student Loans Act
• the Canada Student Financial Assistance Act
• the Apprentice Loans Act
• provincial or territorial government laws similar to the acts above

If you have no tax payable for the year the interest is paid, the CRA recommends carrying the interest forward and applying it on your return for any of the next five years.

Enter the eligible amount of interest paid on your student loans on line 31900 of your return.

Canada training credit

You can claim the Canada training credit for:

• eligible tuition and other fees paid to an eligible educational institution in Canada for courses you took in 2024
• fees paid for an occupational, trade or professional examination taken in 2024

To claim the Canada training credit, you must meet all of these conditions:

• you were a resident in Canada for all of 2024
• you were at least 26 years old and less than 66 years old at the end of the year
• you have a Canada training credit limit for 2024 on your latest notice of assessment or reassessment for 2023

You can claim whichever amount is less:

• half of the fees claimed on line 32000 of your Schedule 11, Federal Tuition, Education, and Textbook Amounts and Canada Training Credit
• your Canada training credit limit for 2024

Every year, if you file an income tax and benefit return, the CRA will increase your Canada training credit limit by $250 if you qualify up to a maximum of $5,000 in a lifetime.

Disability tax credit

The disability tax credit is a non-refundable tax credit that helps people with disabilities reduce the amount of income tax they may have to pay.

If you were 18 years and older on the last day of the year in 2024, you could be eligible to claim $9,872.

But you have to apply to receive the disability tax credit and claim it on your tax return.

If you submit your application at the same time you file your tax return, there may be a delay in your tax assessment because the CRA will review your application before your tax return is assessed.

Federal benefits and credits

Simply filing your tax return can get you thousands of dollars from the government each year.

That's because the CRA uses information from your tax return to calculate your benefits and credits. Filing your taxes by April 30 even if you have no income means your government payments won't be delayed.

With the GST/HST credit, you could get up to $533 a year if you're single with no children. You can get more money if you have children or a spouse or common-law partner.

If you're single with no children, the Canada Carbon Rebate for the year could be:

• $900 in Alberta
• $752 in Saskatchewan
• $600 in Manitoba
• $560 in Ontario
• $380 in New Brunswick
• $412 in Nova Scotia
• $440 in P.E.I.
• $596 in Newfoundland & Labrador

But you get even more money from the Canada Carbon Rebate if you have kids or a spouse or common-law partner.

With the Canada Child Benefit, you can get up to $7,997 a year for each child under six years old and up to $6,748 a year for each child between 6 and 17 years old.

Tax refund

If don't file your tax return, you could miss out on a tax refund.

That's money the government gives back to you if you pay too much tax throughout the year and/or you claim refundable tax credits you're eligible for.

According to Forbes, 58% of tax filers got a tax refund in 2021 with the average payment at $2,093.

Setting up direct deposit with the CRA can help you get your refund quicker because you won't have to wait for a cheque to be mailed to you.