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Teacher and Early Childhood Educator School Supply Tax Credit

A teacher and early childhood educator school supply tax credit was introduced in the 2016 Federal Budget. The credit is worth $150 if the full amount is claimed.

This measure will allow an eligible educator to claim a 15 percent refundable tax credit based on an amount of up to $1,000 in expenditures made by the employee in a taxation year for eligible supplies.

Wondering what you should do right now?

  1. Speak with your employer about any eligible supplies you have paid for, or would like to purchase. Eligible education community members should ensure your employer is willing to certify your purchases.
  2. Keep your receipts for these supplies purchased in 2016 or later. Your claim will be for costs incurred on a calendar year, not school year, basis.
  3. Make a claim at tax time each year. This measure will apply to supplies acquired on or after January 1, 2016.

Would you like an Educators financial specialist contact you about maximizing your tax refund?

Educators Financial Group can help you make that extra money work extra hard for you. When it comes to tax credits, the more you know—the more you’ll be in a position for happy returns. Contact us today to find out how we can help you.

If you haven’t done so already, make sure you get the latest news on financial matters specific to the education community delivered to your inbox:

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Read our last article to get more information on educator-specific tax credits:

Tax credits: what you don’t know can cost you.

4 Ways To Maximize The Return on Your Tax Refund.

 

Source: Canada Revenue Agency

The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting or professional advice. Please ensure to consult your accountant and/or legal advisor for specific advice related to your circumstances. Educators Financial Group will not be held responsible or liable for any losses, costs, damages or expenses incurred by reason of reliance as a result of the aforementioned information. The information presented was obtained from sources that are believed to be reliable. However, Educators Financial Group cannot guarantee their completeness or accuracy.

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