Friday, September 2, 2016

Canadian Teachers: New School Supply Tax Credit on Income Tax

It's back to school time! Not only are families gearing up for school, but teachers are buying supplies for their classrooms as well.

Teachers may not be aware, but there will be a new credit on Canadian income tax returns this coming spring, called the Eligible Educator School Supply Tax Credit.  It's worth up to $150 in real money.  This was passed through the new federal budget on June 22, 2016.

To be an eligible supplies expense, the teaching supplies must be purchased in the taxation year, by an eligible teacher or early childhood educator to use in a school or in a regulated child care facility for the purpose of teaching or helping students learn.
Save your receipts for 2016 for up $1000 in receipts for items for your classroom that you have purchased that will be used.

Here is a list of examples of things you can buy that qualify for this credit:

Teaching supplies include consumable goods. Some examples are:
  • Construction paper for activities, flashcards for activity centres;
  • Items for science experiments, such as seeds, potting soil, vinegar, baking soda and stir sticks;
  • Art supplies such as paper, glue and paint; and
  • Various stationary items, such as pens, pencils, posters and charts
The only durable goods that qualify as teaching supplies are listed below:
  • games and puzzles;
  • books for the classroom;
  • containers such as plastic boxes or banker boxes; and
  • educational support software.
For more information, check out the Canada Revenue Agency page regarding the topic.

1 comment:

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