Tax Credit change for students
Coming into effect for the 2017 taxation year, the federal textbook tax credits will be eliminated. This credit was $400/month for full-time students and $65/month for part-time students. Even with this change, taxpayers will still be able to carry forward the education and textbook credit amounts from tax years prior to 2017.
The federal tuition tax credit will not be eliminated as a result of this measure.
If you think this might impact you or have questions, contact us.