Personal Finance

School Deposit - Tax credit?

  • Last Updated:
  • Feb 21st, 2017 1:56 am
[OP]
Deal Addict
Jan 10, 2007
1709 posts
704 upvotes
Abbotsford

School Deposit - Tax credit?

I put $1K against a school deposit last year, however pushed the program out a year to 2017. Can I claim this $1K against my 2016 taxes, or does it only become a school fee once the program starts?
4 replies
Deal Fanatic
Apr 20, 2011
7747 posts
2723 upvotes
ON
Education credits are issued by the institution on a t2202a - you'll get credit when you actually attend the program.
[OP]
Deal Addict
Jan 10, 2007
1709 posts
704 upvotes
Abbotsford
appreciated. If I end up not attending the program, I know I lose the $1K, but does that almost mean I never get to write it off?
Deal Fanatic
User avatar
Jan 27, 2007
5087 posts
960 upvotes
Peterborough
The education credit is meant as a tax benefit for those attending post secondary education.

No, you would not get a t2202 if you dont attend.

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