University Tuition Business Write-off

Question

I am a student and I started my own business this summer designing websites and small programs. I am currently going to University for Software Engineering and I was wondering if I could write off my school tuition and books as a business expense. I was told that if I am spending money on something that will increase my companies profit I could write it off. Taking Soft. Eng. will definitely help me and open new doors. Does anyone know if i could write this off?

Answer 1

As it stands, Canadian students can claim the non-refundable tax credits for tuition, education amounts and textbooks.  You cannot claim the same amount as a business expense.

To claim the tax credit for tuition fees, you must have received from the educational institution either an official tax receipt or a completed form T2202A, Tuition, Education and Textbook Amounts Certificate.  If you paid less than $100 for the year to any particular educational institution, that amount is not claimable.  Otherwise, the total tuition fees paid in the year are claimable.