PEC works hard to keep costs down. The table below shows the tuition rates, and provides an example of the after-tax cost of tuition. Catholics who have Sunday envelopes and contribute regularly 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 Church. Each year, the parish subsidizes the school.
Thank you again for supporting our school! If you have any questions, please contact the school.
TUITION RECEIPTS ISSUED FOR THE TAXATION YEAR
The school issues income tax receipts to the payer in February. The recipient should then submit this tax receipt under the Charitable Donations Schedule 9 section of their annual income tax return. By doing this, the donor will receive a tax credit which in fact 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.
It’s cheaper that you think! Income Tax relief reduces your cost of tuition!
For example in 2016, the Income Tax Act allows 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.
For example, if you have 2 children attending Assumption school, you will pay $360 per month/$3,600 per year. Your direct tax saving amount will be 20% on the first $200.00 which equals $40.00, and 43.7% on the remaining amount which equals $1,485.80 for a grand total of $1,525.80 in tax savings. The actual cost is $2074.20.