Personal Finance

[ufile] Issue with Student Loan Tuition Credit Schedule M (Quebec return)

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  • Mar 30th, 2013 6:01 pm
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Jr. Member
Mar 26, 2006
120 posts
13 upvotes
Pierrefonds

[ufile] Issue with Student Loan Tuition Credit Schedule M (Quebec return)

Okay, my initial question was a bit long winded and included too many details. I am re-editing for brevity.

For the 2010 and 2011 Window editions (8 returns), the Quebec filing with uFile is not picking up the unused student loan interest I have entered for previous years .

Schedule M only shows the current year amount on line 48 but incorrectly shows $0 for line 46 "Unused portion of the interest paid on a student loan (line 62 Schedule M for *prior year*).

Thus, the total interest paid on a student loan Line 52 is wrong as it only reflects the current year amount and excludes previous year amounts.

This has an impact on carry forward amounts and also the credit claimed on the Quebec tax return. (Federal return seems fine).

PLEASE HELP. Is this a software bug or am I not doing something correctly.

I cannot move forward without a solution or guidance if I am doing something wrong. I have not gotten to 2012 so I don't know if this situation repeats there.

THANK YOU.
1 reply
Jr. Member
Mar 26, 2006
120 posts
13 upvotes
Pierrefonds
SOLVED.

So I made another attempt inputting ridiculous amounts in every field in hopes something will be highlighted.

The problem is partly me and partly the lack of clarity with uFile.

I had entered unused amounts in the 2009 and 2008 fields. The summary of carryforward amounts showed $500 and $100 for federal and quebec, which is incorrect.

So I deleted those fields and instead entered those same amounts on the line "Interest paid on student loans in prior years and not claimed - Quebec (schedule M)". Once again I quickly glanced at the Summary of Carryforward Amounts, it was still $500 on one line and $100 on the other line (not noticing that it was flipped quebec and federal).

So what uFile does not indicate is that you have to input previous years amounts TWICE or rather in TWO places:
- once for Federal under the fields "Unused student loan interest from (year in question)" and provide the amount for every year as it applies (2009, 2008, 2007, 2006, 2005)
- once for Quebec under "Interest paid on student loans in prior years and not claimed - Quebec (schedule M)" and here only the TOTAL amount needs to be entered and not the amount per year.

There was not sufficient clear indication/explanation for any of these fields.

My thinking for line "Interest paid on student loans in prior years and not claimed - Quebec (schedule M)" was that it was all amounts prior to 2005.

THANKS ALL

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