tuition tax credit

Many families with university or college students get a rare bit of good news around tax time. They find out students are eligible for tuition tax credits worth an average of $2,000 per year that can be transferred to parents in the likely event the student hasn’t made enough money to pay taxes. Students who don’t want to share or whose parents don’t earn much can save them up and get a break on income taxes when they start working full-time. It’s a big break. So big, in fact, that it can amount to between 31 percent and 43 percent off tuition, depending on the province. How many people know they exist before starting school? Surprisingly, no one knows how many.