Tax Tips and Information

RRSPs

You can withdraw funds for post-secondary education from a Registered Retirement Savings Plan (RRSP) for post-secondary education, without a tax penalty – up to $10,000 per calendar year, and $20,000 in total – as long as the withdrawal is repaid within a 10-year period.

Employment Insurance

Students receiving Employment Insurance benefits (EI) may be eligible to continue to receive those benefits while attending Loyalist; the benefit period may be extended if the College program lasts longer than the benefits. Some students may be able to receive additional assistance from EI for their College tuition; contact your counsellor at HRDC to discuss this option as early as possible. Even students who have received EI within the past three years may be eligible

Tax benefits

College students (and their parents) are eligible for significant tax benefits (this includes a $400 per month deduction as well as tuition and fee credits). This total will provide a significant tax credit for either the student or, by transfer, to a spouse, parent or even a grandparent.

Part-time students (taking as few as 12 hours per month of post-secondary education for a minimum of three weeks) are now eligible for a tax credit for each month spent studying, in addition to their tuition costs.

Interest on a student loan is deductible for tax purposes. Individuals will be allowed to claim a federal tax credit on the interest portion of payments for federal and provincial student loans. This can save a significant amount on taxes.

Most banks offer a variety of student loan packages to assist students, either instead of, or in addition to government student loan programs. A typical program provides a line of credit that can be used as needed as opposed to a large, upfront loan.

Although many students do not file an income tax return because their income is below the taxable threshold level, they should be filing. Even if no tax is owed, students 19 years of age and older can claim the refundable HST credit. These payments are made four times per year directly to the student. The income of most young college students will allow them to receive the tax benefits. Most students will also be eligible for the Ontario sales tax credit.

Students can claim a deduction for moving expenses if they relocate more than 40 kilometres to attend school. This deduction can be claimed against any scholarship income as well as any employment income. In the summer when the student moves home, she or he is “moving to take a job,” thus all moving expenses are deductible. These expenses can include travel, gas, food, lodgings, shipping, car rental and mailing, among other costs, for up to two weeks around the time of moving. Remember to save all receipts. Contact the Canada Customs and Revenue Agency to obtain the booklet and form to use, or visit their website at: ccra-adrc.gc.ca.

The Canada Revenue Agency allows students to carry forward unused tuition and education fee deductions to a future year. Alternatively, unused tuition fees and education amounts of up to $5,000 may be transferred to a supporting spouse, parent, or grandparent.

For very low income students who attend college part time or who enrol in the College Access Program, the Ontario Special Bursary Plan can provide non-repayable sums of money to cover tuition fees, books, transportation and childcare.

The Canada Education Savings Grant provides a grant of up to $600 per year towards a Registered Educational Savings Plan (RESP) of a child up to age 18 based on a parent or student contribution of up to $2,500 per year. Talk to a financial planner to find out more about this great new option.

Sources: Canada Revenue Agency, Canada Student Loan, Ontario Student Assistance Program, University of Western Ontario, Loyalist Financial Aid, Loyalist Finance Staff. Updated January 2012.

Tax information for students regarding scholarships & bursaries

The full amount of scholarships or bursaries that you receive as a student, with respect to your enrolment in a program that entitles you to claim the education amount, are not taxable and are no longer reported as income on your tax return.

If you are not eligible for the education amount, report on line 130 of your income tax form only the part of the post-secondary scholarships or bursaries that is more than $500.

For further details please visit the Canada Revenue Agency website at cra-arc.gc.ca.


Education Tax Receipts Information

The Canada Revenue Agency (CRA) requires post-secondary institutions to include each student’s Social Insurance Number (SIN) on the T2202 (Tuition and Education Certificate). More information is available on the Government of Canada’s website

Loyalist College has created a secure Tax Information page on the myLoyalist portal where students can provide their SIN and access their tax details. To navigate to the page, log in to the myLoyalist portal and select the ‘Education Tax Forms’ icon. 

If your SIN is not on file, you will be prompted to provide this information. This page also provide links to your Education Tax Forms (T2202 and T4A).

If you have questions about this process, please contact Accounts Receivable at 613-969-1913, ext. 2223 or 2231, or email accounts@loyalistcollege.com.

If you experience technical issues, please contact the Service Desk at 613-969-1913, ext. 2420, or email servicedesk@loyalistcollege.com.


How to print your Education Tax Receipt

If you no longer have access to the myLoyalist portal, please refer to the instructions below to log in to Banner directly.

T2202

Select the T2202 link from the Tax Information page, which can be accessed via the Education Tax Receipts icon on the myLoyalist portal.

Once selected, the following screen will appear:

Once you have selected the year, use the option to ‘View’ your receipt before printing to ensure that the information is accurate. 

To print an official receipt, choose ‘Printable Form.’


T4A

Select the T4A link from the Tax Information page, which can be accessed via the Education Tax Receipts icon on the myLoyalist portal.

The following screen will appear:

Select the year, and then click on the T4A hyperlink.

Select ‘Printable Version’ to access your T4A.


If you have any questions or concerns, please leave a message on the Education Tax hotline, listed below. Messages are checked daily, Monday through Friday.

Education Tax Hotline
613-969-1913, ext. 2187
educationtax@loyalistcollege.com


How to access your Education Tax receipts via Banner

If you no longer have access to the myLoyalist portal, you can access your Education Tax receipts through Banner. Select the ‘Enter Secure Area’ link from loyalistbanner.com and follow the steps outlined below. Current post-secondary students can access their Education Tax receipts through the portal myloyalist.com.


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Enter your User ID (student number) and PIN. The first time you access Banner, your PIN is your birth date in the format YYMMDD. For example, if your birthday is October 20, 1985, your PIN would be 851020. Also, the first time you access Banner, you will be prompted to change your PIN and enter a security question and answer.

If you require your access information, or experience technical difficulties, please contact the Service Desk at 613-969-1913, ext 2420 or email servicedesk@loyalistcollege.com.


Select the ‘Student Services’ link.

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Select the ‘Accounts Receivable’ link.

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Select the ‘Canadian Tax Forms’ link.

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Select the ‘T2202A Tax Credit Form’ link.

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Your T2202 and T4A tax forms are available from this menu.


If you have any questions or concerns, please leave a message on the Education Tax hotline, listed below. Messages are checked daily, Monday through Friday.

Education Tax Hotline
613-969-1913, ext. 2187
educationtax@loyalistcollege.com