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Tax Tip 2017

Tax Tip 2017

Tax Tip: Tax Credit

Teachers Finally Get A Tax Credit To Claim School Supplies!

We all know how passionate teachers are about providing children with a strong education; the dedication of many teachers results in out-of-pocket expenses to ensure they have the school supplies they require to help their students excel.

Finally, the Government of Canada is offering a new refundable tax credit for 2016 and beyond: The Eligible Educator School Supply Tax Credit.

If you are an “eligible educator”, you will now be able to claim a 15% refundable tax credit on up to $1,000 of supply purchases per year.

You can only claim this tax credit if you are a teacher or early childhood educator employed at an elementary or secondary school or a regulated child care facility. You must have a teacher’s certificate that is valid in the province or territory where you are employed; or you must have a certificate or diploma in early childhood education that is recognized in the province or territory where you are employed.

Most supplies will be eligible so long as they are used in the classroom, not otherwise deductible or reimbursable.

Although this credit only offers a small amount of relief, it is at least an acknowledgement of the financial commitment many teachers make to their students.

If you would like a consultation or require assistance preparing your income tax return, please do not hesitate to contact us at (403)703-7176 or email us at CalgarysChoiceTaxServices@gmail.com or Sharon@AlbertaDivorceFinances.com