It’s tax time in Canada. Here are some helpful resources from the Canada Revenue Agency with regard to using your tuition, education, and textbook tax credits.
For those new to Athabasca University living in Canada, as you most likely already know, it is time to claim your tax credits for tuition, education and textbook expenses from 2011. You can access your T2202A form for 2011 at MyAU now. This form will give you all the amounts that you need to claim your education tax credits.
Here are the basics and places to access further information from the Canada Revenue Agency (CRA) website:
- On Line 323 you enter your tuition, education, and textbook amounts.
- On the CRA site you can find further information regarding Eligible tuition fees , the Education amount , the Textbook amount , Completing Schedule 11 , and Transferring and carrying forward amounts .
- “Students must claim their tuition, education, and textbook amounts on their return and apply the amount that is required to reduce their own federal tax payable to zero, before they can calculate and transfer an unused amount to an eligible individual, even if someone else paid their fees. However, the student may be able to transfer part or all of these amounts to his or her spouse or common-law partner (who would claim it on line 326 of his or her Schedule 1) or to their spouse or common-law partner’s parent or grandparent (who would claim it on line 324 of his or her Schedule 1).” (http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/323/crry-frwrd-eng.html)
Here are links to the various forms:
- Form T2202, Education and Textbook Amounts Certificate;
- Form T2202A, Tuition, Education and Textbook Amounts Certificate;
- TL11A, Tuition, Education, and Textbook Amounts Certificate – University Outside Canada;
- TL11B, Tuition, Education, and Textbook Amounts Certificate – Flying School or Club; or
- TL11C, Tuition, Education, and Textbook Amounts Certificate – Commuter to the United States.
To contact the CRA, call 1-800-959-8281. The hours to speak to a representative from February 20 to April 30, 2012 are:
- Monday to Friday (except holidays) 8:15 am – 9:00 pm (local time)
- Saturdays 9:00 am – 5:00 pm (local time)
- An automated service is available 24 hours a day, 7 days a week
For those that submit their own taxes electronically, there are various software programs out there that you can purchase. TurboTax is one such program that some students could qualify to receive for free. Do I Qualify to Use Free Tax Software This Year?
Take action sooner rather than later. Take advantage of your tax credits: A way the federal government has intervened to lower tuition to help all Canadian students. For most the due date to submit your taxes is on or before April 30, 2012. Otherwise, for self-employed persons, the due date is on or before June 15, 2012.