Student Alert – Don’t Forget To Claim Tuition, Education, And Textbook Amounts

If you are an eligible student for the tuition, education, and textbook tax credits, this article is for you. Eligible students should be cautious filing their tax returns. If you are an eligible student in Canada, you educational institute will issue you a tax slip called Tuition and Education Amounts Certificate. Depending on your institution and course of study, this tax slip can be called T2202, T2202A, TL11A or TL11C. You need to input this tax slip into your tax return to get the tax credit. Going to a college or university could cost you a fortune and so could not inputting this tax slip’s information into your return. Simple tax mistakes can cost you hundreds or thousands of dollars every year. Recently, one of my relatives asked me to review her 2006 tax return. It was filed by an independent tax specialist. To my surprise, I found out that her education tax slip was not entered into tax return. I am not sure whether it was just overlooked or the independent tax specialist did not know what to do with this slip. If it can happen to her, it can happen to anyone.

Now, you are going to ask – How to avoid making these simple mistakes? Follow these simple tips below:

• Ask your tax preparer to give you a print out of your tax return.

• Check to make sure on Line 323 you have an entry stating tuition, education, and textbook amounts.

• If you get a Tax Return Summary page, make sure it shows your unused tuition, education, and textbook amounts. Most tax software programs print a tax summary page.

• Monitor your letter of assessment every year to make sure your tax credits are properly carried forward.

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