Happy Teacher Appreciation Week from your Tax Accountant!

I have heard from a couple teachers now that there are lots of treats flowing into school staffrooms across the country. This can only mean one thing…its Teacher Appreciation Week!

When you see a teacher this week make sure to give them a big thanks. To add a little more skip in their step, why not let everyone know about the Eligible Educator School Supply Tax Credit. Tell them you have your tax accountant sent you!

We all know that teachers care greatly about their students, to the point where they purchase many items out of pocket for the classroom without getting reimbursed. In response, the Canadian Government introduced the Eligible Educator School Supply Tax Credit which provides a refundable credit of 15% of $1,000 or equivalent to a $150 savings.

Who is eligible?

Teachers and early childhood educators with a certificate or diploma recognized in the province that they are employed.

What items qualify?

Consumable and durable items purchased during the tax year by an eligible teacher or early childhood educator. These items must be used for learning in a school or regulated child care facility and not reimbursed.

Consumable items may include: stationary, art, science and other supplies and online templates (i.e. teacher pay teacher) to name just a few.

Durable items are limited to games and puzzles, books, containers and educational software.

Conclusion

While the treats are great during this Teacher Appreciation Week make sure to hold on to your receipts this year to take advantage of the Eligible Educator School Supply Tax Credit. Make sure that these receipts are given to your accountant at tax time.

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Disclaimer

This post is intended to provide information of a general nature. Accordingly, the information in this document is not intended as a substitute for professional advice.  Before making any decision, you should consult a qualified, professional advisor.