Do i put the amount i received in student loans this year for tuition on my canada tax return?
Canada tax help I recieved a statement for my student loans and i was curious to know if i have to put the amount of the loan in my income tax return somewhere. This is the first year im doing my taxes and i cant figure this out. I know if you start paying interest you have to claim that. But i am still getting student loans for next year and therefore i wont be paying yet.
Canada - 2 Answers
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1 :
No. Your school will send you (or make available for you to print out in some cases) a T2202A slip that contains the tuition you can claim on your taxes. You cannot put the value of your student loan on your taxes because for all they know you are spending half of it on beer and pretzels. The link I provided below has some useful tidbits from the accountants of Ontario for students who are doing their taxes. You should file for any previous year you were over 18 because you will get free money from the government.
2 :
The amount of the loan is between you and your lendor. The only thing you should be putting on your schedule 11 and provincial schedule 11 are the tuition amounts and fulltime/parttime months according to your T2202A from your education institution. Based on what most student's make, chances are that you won't use any of your tuition and have the option of transferring an amount to your parents/spouse/grandparents or keep it for the future.
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