Teachers would get school supply tax break under Trudeau

Teachers and early childhood educators who pay for classroom supplies out of their own pockets would get a thank you in the form of a federal tax credit, should the Liberals win the federal election this fall.

Under the proposed School Supply Tax Benefit, licensed educators would get a tax credit on up to $1,000 of school supplies a year. The credit would be refundable and worth up to $150 annually.

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Eligible school supplies include construction paper, art supplies, teaching software, and materials for science experiments. For a full list, click here.

The Liberals modeled their tax break on a similar one in PEI.

Should the party be elected, the credit would apply to the 2015 tax year. The party estimates it will cost the federal government $60 million in forgone tax revenue a year.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.