Path: utzoo!mnetor!lsuc!dave
From: dave@lsuc.uucp (David Sherman)
Newsgroups: can.general
Subject: Re: income tax tips #14: filing deadline, and education deduction
Message-ID: <1988Apr14.130750.12263@lsuc.uucp>
Date: 14 Apr 88 17:07:47 GMT
References: <1988Apr12.150823.24450@lsuc.uucp> <274@bby-bc.UUCP>
Reply-To: dave@lsuc.UUCP (David Sherman)
Distribution: can
Organization: Law Society of Upper Canada, Toronto
Lines: 15
Summary: $50 deduction is going to become a $10 credit

In article <274@bby-bc.UUCP> john@bby-bc.UUCP (john) writes:
>
>but when will they ever raise the $50/month education deduction; it seems
>as if it has been $50 for a couple of decades.....

It has.  Under Tax Reform, effective for the 1988 year it will
be a $10 per month credit.  When combined with the provincial
reduction in tax resulting from lower federal tax, this will make
it worth about $15 (depending on the province) for each month in
which you are a full-time student.  For low-income students, this
is a fair bit better than a $50 deduction.

David Sherman
-- 
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