What Do Students Need to Know About Taxes? The Most Valuable Tax Credits for Students in Canada

Are you a student living and studying in Canada? Even if your income is low, filing your taxes is still important — because you might be eligible to receive hundreds or even thousands of dollars through various tax credits. Here’s what you should know for the 2025 tax season.

1. Why Should Students File Taxes Even With Low Income?

• You may get a refund from taxes already withheld at source (if you had a part-time job).

• You can accumulate tuition tax credits to use in future years.

• Filing helps you qualify for government benefits such as the GST/HST credit, the Climate Action Incentive, and more.

• Keeping your record updated with the CRA makes it easier to apply for OSAP or other grants.

✅ Bottom line: Don’t wait until you earn more — the sooner you start filing, the more financial advantages you’ll gain later.

2. Top Tax Credits for Students in Canada

🎓 Tuition Tax Credit
Reduces your taxes based on eligible tuition fees.
You can transfer unused credits to a parent or supporter, or carry them forward for future use.

💵 GST/HST Credit
A quarterly tax-free payment to help with living costs.
Even with zero income, filing your return ensures you’re considered for this benefit.

🏥 Medical Expense Credit
If you’ve had out-of-pocket health expenses (not covered by insurance), you may be able to claim part of the cost.
Eligible items include prescription drugs, therapy, eyeglasses, dental care, and more.

🧾 Canada Workers Benefit (CWB)
If you worked part-time with a low income, you might qualify for this refundable tax credit.
It offers direct cash support for eligible workers.

🧍‍♂️ Moving Expenses
If you moved over 40 km to attend full-time studies, you may be able to deduct eligible moving costs like transportation, rental trucks, and airfare.

🎓 Interest on Student Loans
You can claim interest paid on government student loans.
If you don’t need to use it right away, the credit can be carried forward for up to 5 years.

3. Key Tax Filing Tips for Students

• Keep your official tuition receipt (T2202) from your school — it’s essential for claiming tuition credits.

• If you worked, request your T4 slip from your employer.

• Register for a CRA MyAccount to track your benefits and filing status.

• International students: Even if you had no Canadian income, you may still be considered a resident for tax purposes and required to file.

4. Tax Filing Support for Students – With TikiTax

At TikiTax, we understand that taxes can feel overwhelming — but you deserve every dollar of refund and credit available to you.

We offer:

• Tax filing support for both domestic and international students

• Optimization of tuition credits and all student-specific benefits

• Personalized guidance to make the most of your tax credits in future financial planning

🎓 Free initial consultation for students!
📞 Got questions? Reach out to our tax experts at tikitax.net