Tuition Protests Have Finally Gained Public Awareness, But What Can Students Do in the Meantime?
The student protests in Montreal have become so intense that police have made over 2500 arrests and the fire is spreading to Ontario, where students are organizing similar rallies in the coming months.
Considering that Quebec has the lowest average tuition rates in the country, and Ontario has the highest (about $6600, over two and a half times that of Quebec), the debate over accessible education is likely to move further and further into the public eye.
Putting aside the legalities and human rights issues surrounding the protests, one thing is clear: students are serious about lowering the cost of post-secondary education and lessening the burden of debt it leaves on graduates in the years to come.
Nonetheless, even if this is the turning point in the struggle for accessible education, what can students do to ease their financial woes? Surprisingly, one of the simplest ways is to use the support already offered by the government - student tax credits.
Lots of students are so preoccupied with the money they owe that they have forgotten about the taxed income to which they are entitled.
In fact, students can claim enough expenses to reduce their taxable income and even rack up a tax return of thousands of dollars each year.
As long as you have a tax receipt from your educational institution, you can claim the cost of tuition, as well as a set monthly amount.
Students can also deduct the cost of textbooks ($65 for every month you attend full-time), moving expenses and the cost of public transportation.
Whether you're a commuter or you live on campus, you can benefit from the student tax credit system.
If the parents are the ones worried about paying for their children's education, these credits can even be used to their advantage, as they can be transferred once the student's taxable income has been reduced to zero.
The advantages don't end upon graduation.
For anyone paying off student debt in connection with The Canada Student Loans Act, the Canada Student Financial Assistance Act, or any other similar government laws, you can claim any interest you pay on those loans.
For individuals taking several years to pay off their loans, every little bit helps and this annual refund could end up making a noticeable difference and shorten the amount of time it takes to erase debt.
As it stands now, the expenses related to post-secondary education are almost impossible to keep up with, even if the student is working part-time or summer jobs, but the student tax credits that are already available are still not only worth using, but are also surprisingly beneficial.
Considering that Quebec has the lowest average tuition rates in the country, and Ontario has the highest (about $6600, over two and a half times that of Quebec), the debate over accessible education is likely to move further and further into the public eye.
Putting aside the legalities and human rights issues surrounding the protests, one thing is clear: students are serious about lowering the cost of post-secondary education and lessening the burden of debt it leaves on graduates in the years to come.
Nonetheless, even if this is the turning point in the struggle for accessible education, what can students do to ease their financial woes? Surprisingly, one of the simplest ways is to use the support already offered by the government - student tax credits.
Lots of students are so preoccupied with the money they owe that they have forgotten about the taxed income to which they are entitled.
In fact, students can claim enough expenses to reduce their taxable income and even rack up a tax return of thousands of dollars each year.
As long as you have a tax receipt from your educational institution, you can claim the cost of tuition, as well as a set monthly amount.
Students can also deduct the cost of textbooks ($65 for every month you attend full-time), moving expenses and the cost of public transportation.
Whether you're a commuter or you live on campus, you can benefit from the student tax credit system.
If the parents are the ones worried about paying for their children's education, these credits can even be used to their advantage, as they can be transferred once the student's taxable income has been reduced to zero.
The advantages don't end upon graduation.
For anyone paying off student debt in connection with The Canada Student Loans Act, the Canada Student Financial Assistance Act, or any other similar government laws, you can claim any interest you pay on those loans.
For individuals taking several years to pay off their loans, every little bit helps and this annual refund could end up making a noticeable difference and shorten the amount of time it takes to erase debt.
As it stands now, the expenses related to post-secondary education are almost impossible to keep up with, even if the student is working part-time or summer jobs, but the student tax credits that are already available are still not only worth using, but are also surprisingly beneficial.
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