Although there were some increases in funding for students in the recent federal budget, the budget also announced that two tax credits for students, the educations and textbook credits, will soon be eliminated.
These tax credits were based on the number of months that a student was attending school either full or part time, and have resulted significant tax savings for students once they began their working careers after school.
The credits will be eliminated in 2017. The tuition credit will still be available for eligible tuition payments.