We came across some helpful information that will help teachers and ECE workers financially. The government announced a new tax credit that will be beneficial to our colleagues. The information was found on http://www.budget.gc.ca/2016/docs/tm-mf/si-rs-en.html. The following information below was taken from the website:
Teacher and Early Childhood Educator School Supply Tax Credit
Teachers and early childhood educators often incur at their own expense the cost of supplies for the purpose of teaching or otherwise enhancing students’ learning in the classroom or learning environment.
To provide tax recognition for these costs, Budget 2016 proposes to introduce a teacher and early childhood educator school supply tax credit. This measure will allow an employee who is an eligible educator to claim a 15-per-cent refundable tax credit based on an amount of up to $1,000 in expenditures made by the employee in a taxation year for eligible supplies.
For the cost of supplies to qualify for the credit, employers will be required to certify that the supplies were purchased for the purpose of teaching or otherwise enhancing learning in a classroom or learning environment. Individuals making claims will be required to retain their receipts for verification purposes.
The teacher and early childhood educator school supply tax credit will not be available in respect of an amount that has already been claimed under any other provision of the Income Tax Act.