Our education committee works hard to keep costs down. The table below shows our current tuition rates, and provides an example of the after-tax cost of tuition.
Monthly tuition fee schedule for the 2020-2021 school year:
|Contributor’s Rate||**Example of Cost after Tax Receipt||Non Contributor’s Rate||**Example of Cost after Tax Receipt|
|3 + Children||478||274||506||290|
Catholics who have Sunday envelopes and contribute regularly to the parish qualify for the Contributor’s Rate.
The reason for the lower fee is recognition that an individual or family within the Parish is contributing to the parish which also subsidizes the school.
Thank you again for supporting our school! If you have any questions, please don’t hesitate to contact the school.
The school issues income tax receipts in February. The recipient should then submit this tuition tax receipt under the Charitable Donations Schedule 9 section of their annual income tax return. By doing this you will receive a tax credit which will considerably reduce the actual tuition paid.
This tax credit is not dependent on income because it is claimed under the charitable donations section of the tax return.
Tuition is cheaper than you may think! Income Tax relief reduces the cost of tuition significantly.
As an example, in 2016, the Income Tax Act allowed tax savings of ~20% on the first $200 of school tuition, and 43.7% on school tuition exceeding $200. For most parents, this means that you will receive a benefit of 43.7% of the value of your school tuition income tax receipt. This is a direct tax savings, regardless of your income bracket and it therefore has a significant effect on reducing the actual amount of tuition you paid through the past year.
If you had 2 children attending Assumption school, you would pay $374 per month/$3,740 per year. Your direct tax saving amount would be 20% on the first $200.00 which equals $40.00, plus 43.7% on the remaining amount which equals $1,449.51 for a grand total of $1,489.51 in tax savings. The actual cost of your tuition would then be $2250.49 (compared to the initial amount $3,740).
Is the cost of tuition a barrier for your family?
Click here to learn about our tuition bursary available to all families, regardless of faith.