Canadian Student studying abroad taxes

If you’re a Canadian resident studying outside of Canada the Canada Revenue Agency (CRA) offer university students a number of credits and deductions. It is likely that you will have additional obligations and filing requirements both in Canada and abroad, so it vital that you are fully aware of your status as a tax filer.

Since it can be incredibly difficult to sort financial matter while studying, the CRA allows individuals to authorise a rep to use CRA My Account on your behalf.

Your residency status will impact your tax obligations hugely, for instance it can be used to determine whether you are able you withdraw education assistance payments from your registered education savings plan. Generally Canadians that study abroad are regarded as resident of Canada for tax purposes.

If you are unsure of your residency status you can submit a Form NR73. 

Using you Registered Education Savings

As a Canadian resident who has enrolled in a qualify university program outside of Canada, you are able to make withdrawals from your RESP. In this instance, you will not have to pay tax on withdrawals based on contributions made to that account. However, when you receive EAPs, withdraws based on interest or grants, you must pay tax on the withdrawal.

If you have a Canadian Student Loan, when you begin to repay the loan back you will be able to deduct the interest on your tax return.