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Many students have asked the question: can I write off my tuition? If you live in Canada, the answer is yes. At CanScribe Career College, your tuition is tax deductible. In fact, you can claim your tuition both federally and provincially. All you need is a T2202A form, issued to you by your post-secondary institution.
The T2202A (Tuition and Education Amounts Certificate) is an official income tax receipt issued by qualifying educational institutions for tuition, education, and textbook tax credits that can be claimed on a personal income tax return. Your tax credit typically adds up to 15% of the total eligible fees paid to the institution.
According to Canada Revenue Agency (CRA) regulations, tuition and fees reported on a T2202A must exceed $100 and must relate to a course at the post-secondary level, or to training taken to obtain or enhance skills in an occupation.
Even if you have little to no income to report during tax season, it is still in your best interest to file a tax return. If you don’t claim your tuition, you are essentially walking away from “free money” from the government. While you may be subject to the government hounding you down for failing to report your income, they will not do so to advise you that you are entitled to receive money back by claiming your tuition. So it’s simply in your best interest to ensure you submit your T2202A. Who doesn’t love free money?
You earn $30,000 in a year.
According to the CRA, you would pay 15% tax on income under $45,916.
This means you owe $4,500.
Now, what if you enroll in a course for $3,995?
Deduct $3,995 from $30,000 and you get $26,005.
That means you are only taxed on $26,005…
So, you are now only taxed $3,900.75.
That’s a total savings of $599.25!
While there are other schools offering Medical Transcription courses, it’s important to ensure you are enrolling in a Canadian school if you want to receive a tuition tax credit. Schools based internationally, including American schools, will not provide you with a T2202A, meaning you won’t be able to write off your tuition.
When it comes to tax season, don’t forget to claim your tuition and take advantage of the opportunity to receive a tax credit for your studies! We all know that every dollar makes a difference.
For more information on how to access your T2202A form and how to file it, check out this blog post.
By submitting this form, you are giving your express written consent for CanScribe Career College to contact you regarding our programs via email, telephone, and/or text. You may withdraw your consent at any time.
Robert was born in Midland, Ontario on January 11, 1953 and passed away in Nanaimo on November 20, 2009. Robert was the youngest of three. I was the oldest, Doug was the middle child. Our mother and father were divorced when we were very young. Our mother remarried a man who had three sons and then another girl and another boy was born. So there was eight of us altogether. Robert moved to Toronto, Ontario after high school and worked in various jobs there. He then moved to Edmonton, Alberta in 1976 and on to British Columbia in 1977. He lived in Vancouver, Victoria, and finally resided in Nanaimo. Robert had a great sense of determination and optimism. The more he could learn, the happier he was. He continued his education in B.C. at Simon Fraser University. He also took courses in the culinary field and worked as a chef for many years. He also studied law and worked as a paralegal. He studied religions and languages (he could speak many languages) and took many computer courses. He took a Medical Terminology Course, and Emergency First Aid which included CPR.
Unfortunately, Robert's health was never great. He was born a "Blue Baby" and not expected to live. He lived with the HIV virus and with cancer. This was a big factor in his determination to be able to work at home and was why he was taking the Medical Transcription course. Robert was involved with various charitable organizations for many, many years. He cooked numerous meals at food kitchens for the homeless, especially at Christmas and other holidays. He spent time at various senior centers, volunteering, and visiting the residents there. He was an active volunteer at the Nanaimo Parole Citizen Advisory Committee and one of the outstanding jobs he completed for them was their Committee By-laws.
I am very proud of the things that my brother achieved in his lifetime. I have received so many letters, calls and cards since his passing, all of them telling me how much he was liked and how much he will be missed. Robert spent most of his time helping others. I'm attaching a couple of pictures, one when he was very young. If there is any other information you need, please let me know. Thank you again for setting up this scholarship. It means so much to me that his name will carry on. And I know he would be extremely pleased that his name was helping others. That was his number one goal in his life - to help others.
By submitting this form, you are giving your express written consent for CanScribe Career College to contact you regarding our programs via email, telephone, and/or text. You may withdraw your consent at any time.