School Pays, if you know what you're doing!

 

Getting an education pays. and not just for our kids. However, the rules around who is eligible and how these tax credits work may get complicated or missed all together if you are unaware or unsure of them. Credits may be eligible to transfer, or can be saved for use in the future. Either way, our professional tax advisors at O.B.S. Financial will guide you through your school woe's.

 

 

Tuition: How is it tax deductable?

No matter your age, if you are going to school the Tax Man approves. The tuition that you pay is eligible for a non-refundable tax credit. This means that the amount you pay provides you with a 15% decrease in taxes owing federally as well as a 10.8% Manitoba decrease. That means that you recieve 25.8% of your tuition back in the form of tax relief.

 

(Click Here for Info on Transfers and Carryovers)

 

 

How is EI treated under the Apprentiship Program?

 

If you are under a provincially sponsored apprenticeship program, you may be required to go to school. When you do, the apprentiship board pays for your school.

 

Or do they?

 

Click Here to see who really pays for your school and what tax credits you are entitled to!

In order to ensure our accuracy, and make sure you pay the least amount possible we ask that all clients complete our registration forms. New this year are 3 seperate forms: One for new clients, one for returning clients and one for deceased clients. Additional forms may be required based on your answers and tax situation.

 

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