As a student, you may qualify for valuable tax credits, deductions, and financial benefits that can reduce your tax burden and help you save money for the future. At Barakat Financials, we specialize in student tax returns and financial planning to ensure you receive every tax advantage you’re entitled to.
If you are enrolled in a qualifying educational institution, your tuition fees may be eligible for federal and provincial tax credits. These credits help lower your taxable income and can be carried forward if unused.
Although federal education and textbook credits were eliminated after 2017, some provincial credits are still available. Our experts can check if you qualify.
Many scholarships and bursaries are tax-free, but some may be partially taxable depending on the program and institution. We can help determine if you need to report any amounts on your tax return.
If you moved at least 40 km closer to your university for school or a job, you may be able to deduct certain moving expenses. Eligible costs include transportation, storage, and temporary accommodation.
If you are repaying a government-issued student loan, you may be eligible for a non-refundable tax credit on the interest paid. Private loans do not qualify.
Students with low to moderate income may qualify for the GST/HST credit, a tax-free payment issued quarterly to help with the cost of living.
Certain expenses related to your studies, such as course materials, may be eligible for deductions. If you work while studying, you may also claim employment expenses.
Are you an international student in Canada? Your tax situation depends on your residency status for tax purposes. Many international students are eligible for the same benefits as Canadian residents. We can help you navigate tuition credits, tax treaties, and refund opportunities.
We handle everything so you can focus on your studies.
We ensure you get every credit and deduction available.
Learn how to carry forward credits for future tax savings.
Special student pricing with transparent fees.
Freelancing, tutoring, or side gigs? We can guide you on taxes and deductions.
Beyond tax filing, we also help students manage their finances, whether you need budgeting advice, expense tracking, or bookkeeping for a small business or part-time work.
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Let Barakat Financials take the stress out of student taxes. Contact us today or visit our office during walk-in hours for expert tax guidance and financial support.
