March 24th, 2010
If you are a Nova Scotia graduate in 2009, you have reason to celebrate. ¬†Beginning with 2009 the Nova Scotia government is allowing graduates to claim a tax rebate on their taxes.
Graduates are required to graduate from a recognized post-secondary institution, and they must have been taking a program offered on a full-time basis. ¬†You are allowed to take the program part time.
University graduates can claim a maximum of $2,500 against their Nova Scotia taxes in the year of graduation, and the following 5 years. ¬†That’s a total of $15,000! ¬†College grads can clailm $1,250¬†against their Nova Scotia taxes in the year of graduation, and the following 5 years, for a total of $7,500.
Obviously, since the intent is to keep grads working in Nova Scotia, you must file a Nova Scotia tax return each year. ¬†This rebate is non-refundable, which simply means that if you haven’t earned enough income to pay provincial taxes, you can’t claim back the difference.
This rebate replaces the old Graduate Tax Credit, worth a mere $2,000. ¬†However, if you had graduated from a different program in an earlier year, but then return to school and graduate again in 2009 or later years, you can also claim this new rebate.
You can read more about this exciting tax rebate by clicking here.Filed under: Consumer Tax by David Boese 1 Comment »