Teachers and parents: Join the movement to enhance tax literacy

Sep 11, 2024

Tax literacy is an important life skill, and we want to make sure that students have the knowledge, skills, and confidence to make the right decisions about taxes. This back-to-school season, we’ve got you covered! Whether you are an educator, a parent, or an organization that supports educational growth, there are many resources that you can take advantage of this academic year.

Be a tax literacy influencer

 

Calling all teachers! Participate in the Learn about your taxes competition and your school could win a share of the $5,000 prize pot. This competition runs from September 3rd to October 15th.

If you are eager to teach your students or child about finances and taxes, check out our Learn about your taxes online learning tool. There are free lesson plans and quick videos that help explain the basics like how to understand your pay stub, how to file a tax return, and what’s in a notice of assessment.

We also have free webinars for students, international students, and more! Check out Upcoming events to see what we have planned.

Bookmark our Get ready to do your taxes page. When tax time comes around, it provides eight steps that can help your students or child get started. Find out about what’s new, key dates, what to report and claim, and more.

Save for your child’s post-secondary education

 

Post-secondary education can be expensive. Save for your child’s future by contributing to a registered education savings plan (RESP). RESP is a tax-deferred investment designed to help people save for a child’s education after high school. The government also contributes to your plan with Canada Education Savings Grant payments, the Canada Learning Bond, and provincial incentives if the beneficiary is eligible.

Educational assistance payment limits from an RESP have been increased from $5,000 to $8,000 in the first 13 weeks of enrollment in a qualifying educational program for full-time studies, and from $2,500 to $4,000 for part-time studies.

Teachers’ corner: Make your claim

 

Your role as an educator extends beyond the classroom. Take advantage of these education-related credits and deductions so you can invest in your professional development:

  • Claim up to $1,000 of supply purchases – As a teacher or early childhood educator, you are eligible to a 25% refundable tax credit on up to $1,000 of supply purchases each year. Make sure you keep your receipts and obtain a written certificate from your employer, as we may ask to see these later.
  • Claim moving expenses – Claim costs for transportation, storage etc., if you moved at least 40 kilometers closer to your new work location. Make sure you keep supporting documents from your move, like receipts from travelling or hiring movers. Once you’ve moved, do not forget to update your address with the CRA.

Stay connected

To find out what’s new at the Canada Revenue Agency: