Please take time to read through all the attached material to get a sense of the true cost of education.
Tuition Tax-Credit Calculator
Results are for estimation purposes only, and show typical results. Every income and tax situation is unique, and in some cases your results may vary.
The cost per student is subject to change each school year. The cost per student amount used above is based on the 2015/2016 school year.
Note: Tax credits are based on tuition paid during a calendar year. Therefore tuition payments for tax purposes are calculated from two fiscal school years. For example: 2016 tax receipts will account for tuition payments made during the 2015-2016 school year (Jan. 1 to Dec. 31) and tuition payments made in the 2016-2017 school year (July 1 – Dec. 31).
You may also want to use the CRA's online charitable donation tax credit calculator to check your results.
The tax credit referred to here is a non-refundable tax credit. As such, it can only be used to reduce tax owed; if you don't owe any tax, you don't get a refund. Generally, your tax savings will be equal to the amount of the charitable tax credit calculated. The following are exceptions:
- If you are a resident of Quebec and are entitled to a refundable federal tax abatement, then your actual federal tax savings will be reduced.
- If you are required to pay provincial income surtax, then your actual saving will be more than the charitable tax credit calculated as the credit will reduce both your base income taxes and provincial surtax.
- If you made a donation of publicly traded securities, you may increase your tax saving by reducing your capital gains tax.