Income tax and students

The money you spend for school can add up to some valuable income tax deductions for you. Review the Tax Tips for Students webpage for all the benefits available to you.

While you’re in school

Expenses related to attending school, including amounts for each week you are a full-time or part-time student, can be claimed on your tax return as a tax deduction. All schools report education tax credits on the T2202A tax form. You receive these whether you receive student assistance funding or not.

Education tax credits can also be carried-forward (“saved up” without using them) each year until you finish school, so you get the maximum benefit from them in a tax year when you have a full-time income.

Non-repayable funding received to attend school must also be reported on your income tax return.  If you received more than $500 in non-repayable funding from the province you will receive a T4A.

Once you leave school

If you have any unused or carried-forward education tax credits, you can use them to reduce your taxable income after you leave school.

If you pay any interest on provincial or federal students in the years after you leave school, you can claim a 15% tax credit on the interest amounts that you paid during that calendar year. These credits can reduce your taxable income for the year.

What is a T4A and where can I find it?

The Nova Scotia Student Assistance Office issues annual T4As to students who receive grant funding directly from the province. T4As are issued on or before 28 February of the following calendar year if you received more than $500 in taxable funds received from the province.

Your provincial T4A can be downloaded from your MyPATH account.

Canada Study Grant: T4As for grants received from the Canada Student Financial Assistance Program are available for download from the National Student Loans Service Centre (NSLSC).