🎒 Back-to-School Tax Tips: What Parents and Students Should Know

The backpacks are coming out, the school supply lists are getting longer, and families are getting ready for another school year!

Between new clothes, school supplies, activity fees, childcare, tuition, and everything else that comes with September, back-to-school season can get expensive.

While not every school-related expense is tax deductible, there are several tax-related items that parents and students should keep in mind throughout the year.

Here are a few back-to-school tax tips from TNT Books & Accounting Services.

🧾 1. Keep Your Receipts

This may sound simple, but keeping good records throughout the year can make tax time much easier.

Create a folder—digital or physical—for receipts and documents related to potentially eligible expenses. Don’t assume that an expense isn’t useful just because you’re not sure whether it qualifies.

The CRA may require supporting documentation, so keeping your receipts is always a good habit.

🎓 2. Post-Secondary Students: Keep Your Tuition Documents

Heading off to college or university?

Post-secondary students may be able to claim eligible tuition fees on their tax return. Your educational institution will generally provide a T2202, Tuition and Enrolment Certificate, showing the eligible tuition amounts.

Even if you don’t owe income tax this year, don’t overlook your tuition information. Unused tuition amounts may be carried forward, and in some circumstances eligible tuition amounts can be transferred to a designated family member.

Keep that T2202!

🚗 3. Did You Move Away for School?

If you’re heading to a post-secondary institution and moving to attend school, you may qualify to claim certain moving expenses.

There are specific rules that apply, including distance requirements and the type of income against which the expenses can be deducted.

If you’ve moved into a new apartment, residence, or home for school, keep your moving-related receipts and documentation and ask a tax professional whether you qualify.

💳 4. Don’t Forget Student Loan Interest

Post-secondary students who have government student loans may be eligible to claim qualifying interest paid on those loans.

Keep your student loan documentation and interest information so it’s available when you prepare your tax return.

And remember—there are specific rules about which student loans qualify.

👶 5. Childcare May Be Tax Deductible

Back-to-school doesn’t just mean tuition and school supplies.

For working parents, childcare can be a significant expense. Certain childcare expenses may be deductible when you pay for childcare so that you can work, carry on a business, attend school, or conduct certain other eligible activities.

Keep your receipts and make sure you have the information needed to support your claim.

🎒 6. School Supplies Aren’t Automatically Tax Deductible

Here’s an important one:

Buying school supplies for your children doesn’t automatically make those expenses tax deductible.

Pencils, notebooks, backpacks, clothing, and other everyday school purchases generally aren’t personal tax deductions simply because they’re required for school.

However, there are specific tax rules that may apply in certain situations—for example, eligible educators may qualify for the educator school supply tax credit.

If you’re unsure whether a particular expense qualifies, it’s better to ask before assuming it’s deductible.

💰 7. Think About an RESP

If you’re saving for your child’s future education, a Registered Education Savings Plan (RESP) can be worth considering.

RESPs are designed to help families save for post-secondary education, and government incentives may be available to help grow those savings.

Back-to-school season can be a great reminder to review your education savings plan and make sure you’re still on track.

📱 8. Make Sure You’re Filing Your Tax Return

Students sometimes assume that if they didn’t earn much income, there’s no reason to file a tax return.

That’s not necessarily true.

Filing can help students access benefits and credits they may be entitled to and can help establish or preserve certain tax amounts, such as unused tuition amounts.

So even if your income is low—or even zero—it’s worth finding out whether you should file.

📋 Make Tax Time Easier

The best tax planning doesn’t happen in February or April.

It happens throughout the year.

As your family gets back into the school-year routine, take a few minutes to organize your receipts, tuition documents, childcare records, student loan information, and other important financial paperwork.

A little organization now can save a lot of time and frustration later.