Elimination of the Federal Education and Textbook Tax Credits - 2017

tax planning

Elimination of the Federal Education and Textbook Tax Credits – 2017

Education and Textbook Tax Credits

Budget 2016 proposes to eliminate the federal education and textbook tax credits effective January 1, 2017. This measure does not eliminate the tuition tax credit. Unused education and textbook credit amounts carried forward from years prior to 2017 will remain available to be claimed in 2017 and subsequent years.

Changes will be made to ensure that other income tax provisions – such as the tax exemption for scholarship, fellowship and bursary income – that currently rely on eligibility for the education tax credit or use terms defined for the purposes of the education tax credit will be unaffected by its elimination.

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CNC is a full service accounting firm located in Coquitlam.
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