If you live in British Columbia and are a student or teacher, you may be eligible for a tax credit. This credit can be applied to your tuition fees, but it also applies to other education-related expenses such as supplies and transportation.
Does BC have a tax tuition credit?
The answer is yes. BC does have a tax tuition credit, and it applies to both part-time and full-time students in Canada and full-time Canadian students abroad.
You can also receive the tuition tax credit for courses that aren’t at the post-secondary school level, given you are 16 years old or older and you’re enrolled in order to obtain skills for work. That means tuition paid to a trade or vocational school would qualify.
The only other requirement is that the amount paid to attend the educational institution must be more than $100.
A tax credit is a reduction in the amount of tax you pay. The BC government has a tuition tax credit, which means that if you’re eligible to claim the credit, it will lower your total taxable income. This amount can be claimed against any type of income tax regardless of whether it is federal or provincial.
The benefit is not refundable but can be carried forward to future years until used up. For example, if your family had $2,000 worth of tuition fees this year and received a $600 refund when filing their taxes this year (due to overpayment), next year they could still receive an additional $900 back from last year’s credit even though their tuition was less than this year’s limit.
That’s all for today! We hope you have a better understanding of how to get a tax tuition credit in BC. If you still have any questions, feel free to contact us here at our office.