Students See Tax Changes This Year

Tax season is just around the corner and Ontario students will see positive and negative changes when filing this year.

 

According to the Government of Canada’s website, Ontario residents will be able to start filing their taxes Feb. 26 with a deadline of April 30.

 

Tax credits, deductions and benefits are available every year but can change with each tax season. What was available to claim last year may not be available to claim this year.

 

Kevin Hague, a certified professional accountant for 37 years, said students are looking forward to many changes with this year’s tax season.

 

“The calculation of education and textbook amounts will be removed but students will still be able to claim unused textbook credits and education amounts from other years,” said Hague.

 

This is not the only change students will see. The public transit credit has also been eliminated.

 

For students enrolled in school prior to the summer of 2017, many of these credits are still available to be claimed.

 

Despite the changes, there are still other credits students can claim.

 

“The biggest mistake students make is not applying for all the credits they are eligible for,” said Hague.

 

The reasoning behind these changes is related to the Ontario Student Grant, which will pay full tuition for eligible students. In order not to cost Ontarians more money, the tax credit money was shifted into grants.

 

Ian Temple, a second year student in landscape horticulture at St.Clair College, will be taking an additional year of school to make up some credits due to the college strike in 2017. He said the tax changes will have him paying more for fewer courses.

 

“That is pretty troubling,” said Temple.

 

“Last year’s tax deductions really helped me and the years where I was making a good amount of money while I was in school that tax deduction really helped.”

 

Hague said students can transfer their tax credits to parents who paid for tuition. The loss of tax credits for students may also affect parents.

 

Katherine O’Brien, a mother who paid for her daughter’s tuition this year, said the government should not eliminate tax credits and instead should offer a mix of tax credits and grants.

 

“It’s not right,”  said O’Brien.

 

“My daughter could use that money for schooling next year. “

 

When preparing for tax time students should check the government site for updates and talk to their accountant about changes they will see and credits and deductions they will be eligible for.