26 Oct 2015
Luc Lacombe
Partner | FCPA, FCA, M. Fisc. | Tax

Luc Lacombe, Taxation Partner at Raymond Chabot Grant Thornton, appearing on the Argent channel, presents some tax deductions and credits of which students and parents are often unaware.

Moving expenses

A student who moves from at least 40 km from school can obtain financial benefits. To claim a deduction, he can submit his bills for the moving truck, gasoline and even pizza for friends who helped him move. However,the amount is deductible from the bursaries the student receives. If the student has no bursaries or if the financial assistance is not taxable, this deduction cannot be claimed. In such a case, Luc Lacombe recommends making the deduction from employment income, because credits are also available when you move to find work. “A student who leaves the Laurentians to go to the Université de Montréal, for example and who finds a job, can claim his expenses,” the expert points out.

The solidarity tax credit

Students may also be entitled to the solidarity tax credit for low-income individuals. This credit is paid even to people who do not pay income taxes. “A student who never files a tax return loses a benefit (…). By filing a return starting at age 17, the student will be entitled to this credit, which will be deposited automatically in his bank account.”

 

26 Oct 2015  |  Written by :

Mr. Lacombe is a partner at RCGT. He is your expert in taxation for the Laval office. Contact him...

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