When you do start earning money as a musician, these items will be converted to business use and written off. If you do work and pay tax while attending school, and have equipment purchases, consider not claiming Capital Cost Allowance. Rather than writing off your equipment costs in the early years when income is low, you may be better off waiting until income is higher and you really need it. Students are allowed to claim moving expenses to go to school or take up a new job. These expenses are written off against income in the new location, and if they are not used up can be carried forward one year.
Students can deduct tuition fees and education credits.
The amount that is left over after taxable income has been reduced to nothing can be transfered to a spouse or parent. There is also a new option you can keep the excess credits and carry them forward to future years. The interest portion of student loan payments is now tax deductible. As you can see, there are many tax advantages to filing a properly prepared tax return while in school.