News Release

FREDERICTON (CNB) -- Post-secondary graduates who chose to live and work in New Brunswick will be able to receive up to $10,000 cash back on their tuition costs under the New Brunswick Tuition Rebate, Finance Minister Victor Boudreau announced today.

"The New Brunswick Tuition Rebate is a major plus for our province," Boudreau said. "We believe it helps convince people who have pursued higher education to choose New Brunswick to live and work and to participate in our self-sufficiency project."

To date, over 4,300 individuals have submitted an application under this program.

Under the New Brunswick Tuition Rebate, anyone from anywhere in the world who has attended and graduated from an eligible post-secondary institution after Jan. 1, 2005, and chooses to live and work in New Brunswick, can apply for this benefit.

Individuals can obtain a non-taxable rebate (cheque) against provincial personal income tax of up to 50 per cent of their tuition costs, with a maximum lifetime rebate of $10,000. Applicants can receive up to $2,000 per year.

In order to apply for the New Brunswick Tuition rebate, applicants must first file a personal income tax return with the Canada Revenue Agency, and receive their Notice of Assessment, which confirms their New Brunswick income tax payable.

After they have received their Notice of Assessment, they may apply to the New Brunswick Department of Finance for their tuition rebate.

When filing the online application form (http://www.gnb.ca/0162/tax/NBTR/NBTTCBC-e.asp), applicants must provide the most recent information on the type of diploma or degree they received and their graduation date. They must also provide information contained on their Notice of Assessment issued by the Canada Revenue Agency.

The Department of Finance will process the applications and issue the tax credit in form of a cheque to qualifying applicants. If applicants wish to use the electronic direct-deposit option to receive their rebate, they must also submit a Direct Deposit Application Form (http://www.gnb.ca/0162/tax/NBTR/NBTTCBC-e.asp).

The deadline for applications is Dec. 31 of the year following the applicable taxation year. For example, for rebates related to taxation year 2007, the application deadline is Dec. 31, 2008.

"We encourage all students to visit the Department of Finance's website, and to apply directly online to take advantage of this great initiative," Boudreau said. "In New Brunswick, we believe that high quality education is the path to a better future and the foundation for economic development."

For more information visit http://www.gnb.ca/Finance.