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Unclaimed Post-Secondary Education tution and student loan interest for Tax return

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  • Aug 10th, 2011 5:29 pm
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Apr 22, 2011
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Unclaimed Post-Secondary Education tution and student loan interest for Tax return

Hey Guys,

I graduated from University in 2007 and was just recently talking to some one about claiming tuition on your taxes. I have done some small research so far and it looks like you can claim tuition, books, student loan interest towards your taxes.

My Situation:
Tuition was about: 28k
Books: ....i don't have any receipts and doubt i still can claim
Student Loan: had to start paying in 07, finished it off by 09 had about $2500 in interest i paid all together

I make currently ~$70,000 living in Nova Scotia

So the question is am I still able to claim anything? I didn't bother when I first got out because I wasn't making good money and I assumed afterwards that I was past any tax benefit.

If I am still able to claim what should I do first? I can reach my school and get the proper forms and proof that I have X amount of credits from the school and was a full time student for four years.

Also what tax bracket would the deduction take off (would it still be the top bracket?) and whats the limit per year, etc etc

I think I might be able to claim some good cash if this turns out right.

If not no big deal as I wasnt expecting any money
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Member
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Apr 22, 2011
432 posts
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Read through it,

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs ... d-eng.html

"You can carry forward indefinitely and claim in a future year the part of your tuition, education, and textbook amounts you cannot use (and do not transfer) for the year. However, if you carry forward an amount, you will not be able to transfer it to anyone. You have to claim your carry-forward amount in the first year that you have to pay federal tax. To calculate the amount you are carrying forward, you have to file an income tax return and complete Schedule 11."


still not sure if I can claim if I didn't claim the year i got out?
Deal Fanatic
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Mar 30, 2004
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Durham Region
If you filed tax returns for previous years, you can file a T1-ADJ form to claim your credits.

If you never filed the tax returns, it's not too late.
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Apr 22, 2011
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So in good news I can claim at least my student loan interest, you can do it up to 5 years later:

A loan may have been made to you under the Canada Student Loans Act, the Canada Student Financial Assistance Act, or similar provincial or territorial government laws for post-secondary education. If so, only you can claim an amount on line 319 of your return for the interest you or a person related to you, paid on that loan in 2010 and/or the preceding five years. You cannot transfer this amount to another person.

You can claim an amount only for interest you have not previously claimed. If you have no tax payable for the year the interest is paid, it is to your advantage not to claim it on your tax return for that year. You can carry the interest forward and apply it on your return for any of the next five years.

Notes
You cannot claim interest paid on any other kind of loan, or on a student loan that has been combined with another kind of loan. If you renegotiated your student loan with a bank or another financial institution, or included it in an arrangement to consolidate your loans, the interest on the new loan does not qualify for this tax credit.

In addition, you cannot claim interest paid in respect of a judgment obtained after you failed to pay back a student loan.

Receipts - If you are filing a paper return, include your receipts for the amounts you claim. If you are filing electronically, keep them in case we ask to see them
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Apr 22, 2011
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CorSter wrote: If you filed tax returns for previous years, you can file a T1-ADJ form to claim your credits.

If you never filed the tax returns, it's not too late.

Interesting,

I figured that may have been the case, so since it is a adjustment I can/should do that right away. So the only thing I need to figure out is how much can I claim still if I need said adjustments. I will probably go talk to a tax guy about it maybe for more info, but would i need one for each year 04-07.
Member
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Apr 22, 2011
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Update on this:

Called CRA was informed all I had to do was send in my school tax forms with a request letter explaining the situation to my nearest CRA centre. Did this about a month back or so, just waiting to see what I may or may not get back. My only curiosity/concern is their was only a mailing/faxing address but no phone number or e-mail to contact a individual from this centre, checked the CRA website some of the centre do have a phone numbers others don't just seemed odd.

Anyhoo,

If anyone knows of how I can potentially track the status of the update besides calling that would be great. Though my assumption at the moment is I just have to stand by and wait, if I do not receive anything in a month or ao may call CRA helpline and request the status if known or may resend.
Warning: Anything I write is to the best of my knowledge, I may be wrong about things, I may have a different thought on things than yourself and I do not always follow the herd. I am also a RFD personal finance addict.
Member
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Apr 22, 2011
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Called CRA because they have not sent me anything and it has been a while.

Everything is good to go sending me a cheque for:

for Over $8,000

all because someone at work told me to check it out, haha i owe him a beer
Warning: Anything I write is to the best of my knowledge, I may be wrong about things, I may have a different thought on things than yourself and I do not always follow the herd. I am also a RFD personal finance addict.
Deal Addict
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Oct 10, 2005
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NoOneCanStopMrDomino wrote: Called CRA because they have not sent me anything and it has been a while.

Everything is good to go sending me a cheque for:

for Over $8,000

all because someone at work told me to check it out, haha i owe him a beer
you owe him a round of beers :D
Member
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Apr 22, 2011
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true true
Warning: Anything I write is to the best of my knowledge, I may be wrong about things, I may have a different thought on things than yourself and I do not always follow the herd. I am also a RFD personal finance addict.
Member
Nov 8, 2005
241 posts
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Halifax
NoOneCanStopMrDomino wrote: Called CRA because they have not sent me anything and it has been a while.

Everything is good to go sending me a cheque for:

for Over $8,000

all because someone at work told me to check it out, haha i owe him a beer

That's great. Were you not aware of the tax receipts universities give out? Or did you just not file returns while you went to school?
Deal Addict
Nov 14, 2010
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Did you claim your graduation tax credit? For 2007 I believe it's worth about $1000.
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Apr 22, 2011
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Stewx wrote: That's great. Were you not aware of the tax receipts universities give out? Or did you just not file returns while you went to school?

I worked every year besides 2nd year and had a National student loan, but I did not pay attention at all to getting any type of tax credit. Actually money was not a big deal for me at all (was not wealthy by any means but lived at home). I would forget/be to lazy to cash in pay cheques, walk into the bank with 3-4 of them (only worth maybe $200-400 combined as it was my first job working part time).

Fast forward 3 years after getting out of school a co-worker talking about making a few grand in student tax credit, I said WHHHHAAT (literally :P) talked to friends and family and they where all like oh yeah i did that years ago, haha.
Warning: Anything I write is to the best of my knowledge, I may be wrong about things, I may have a different thought on things than yourself and I do not always follow the herd. I am also a RFD personal finance addict.
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Apr 22, 2011
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cheapskatescooner wrote: Did you claim your graduation tax credit? For 2007 I believe it's worth about $1000.

When I called they said my taxes where redone for 03-09, so I think they covered everything including my interest on my student loan most likely
Warning: Anything I write is to the best of my knowledge, I may be wrong about things, I may have a different thought on things than yourself and I do not always follow the herd. I am also a RFD personal finance addict.

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