Amendments introduced to reinstate the tuition tax credit07 May 2019
FREDERICTON (GNB) – Amendments to the Income Tax Act introduced today in the legislature would reinstate the New Brunswick Tuition Tax Credit.
The government announced in March its intention to restore the tax credit.
“Our government is pleased to reinstate this initiative, which will complement other student assistance and workforce programs currently in place,” said Finance Minister Ernie Steeves. “We are committed to cultivating a well-educated, highly skilled and productive workforce and population through innovative programs and services that contribute to a prosperous province.”
The tax credit would be available to full- and part-time students attending private and publicly funded institutions.
Students or their qualifying relatives would be able to apply for the tax credit when they file their annual personal income tax returns beginning in 2020. The amendments would also allow for tax credits from 2017 and 2018 to be claimed for the 2019 and subsequent taxation years.
The tuition tax credit would recognize the investment made in post-secondary education and complement other student financial support and workforce programs. Between 2004 and 2016, an average of about 48,000 New Brunswickers claimed the former tuition tax credit annually, of which 34,000 were students and 14,000 were qualifying relatives. In 2016, about 87 per cent of the student claimants had taxable incomes of $50,000 or less.
“Our children deserve the best education we can give them,” said Steeves. “Providing our children with a top-notch education has the added benefit of building a world-class workforce that drives economic growth.”
More information on student financial assistance is available online.