This website is a testimony to the problems Canadian Student Loan borrowers experienced from approximately 1996 to 2008 and until their loans were paid off.

The privatization of the Student Loans system by the Chretien and Martin Liberal governments broke the system and defaulted thousands of borrowers who were trying to pay their loans. There were even stories of suicide due to the harassment of borrowers.

Read the report that I prepared back in 2007 here. Canada Student Loans-The Need for Change Fortunately the new Conservative government at the time revamped the program and fixed the system for new borrowers, but borrowers under the previous program were left with ruined credit and continued harassment from debt collectors.

I call on the Canadian Government to apologize to the borrowers affected by this fiasco and make amends.

Unfortunately the Liberal government is again clobbering the Education system with their changes to International Student Visas. Yes, there's a problem, but instead of a well thought out plan, they have pulled the emergency brake on the train causing a derailment. This has introduced unprecedented instability for both private and public education institutions who serve both international and local students.

Universities have been forced to cancel programs and layoff hundreds if not thousands of full-time and contract instructors.

Again, the Liberal government has messed up the education environment.


  New Posts New Posts RSS Feed - Interest Tax Credit -Canadian Student L
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedInterest Tax Credit -Canadian Student L

 Post Reply Post Reply
Author
pogorelichfan View Drop Down
Groupie
Groupie


Joined: 24/February/2007
Location: Canada
Points: 87
Post Options Post Options   Thanks (0) Thanks(0)   Quote pogorelichfan Quote  Post ReplyReply Direct Link To This Post Topic: Interest Tax Credit -Canadian Student L
    Posted: 10/March/2007 at 5:41am
I was recently researching the interest tax credit for student loan interest.  Some points of interest for people:
 
If you have education tuition credits left over from university (which you probably will have, both in terms of provincial and federal amounts) these should only be used AFTER you have exhausted your annual student loan interest credits.  Whatever you don't use, you can still carry forward for up to five years--this is unlike the tuition credits, which can be carried forward forever. 
 
These amounts can be quite lucrative.  For example, if one has an average provincial payment of 127.00 of which 90.00 is interest, and a federal payment of 430.00 of which 380.00 is interest, you could potentially have interest tax credits of $5640.00 annually.  If this is applied directly towards your taxable income, you are not only guaranteed to get a sizable refund, but you will probably not use a lot of your education tuition credits--which could be useful in the future.
 
 
Back to Top
Sponsored Links


Back to Top
frustrated-guy View Drop Down
Groupie
Groupie


Joined: 10/May/2004
Points: 212
Post Options Post Options   Thanks (0) Thanks(0)   Quote frustrated-guy Quote  Post ReplyReply Direct Link To This Post Posted: 10/March/2007 at 10:06am
thanks for looking into this pogo,
 
so to make sure I understand what you are saying," loan interest payments can be carried forward for five years for tax purposes?"
 
is this what you are saying.
Back to Top
pogorelichfan View Drop Down
Groupie
Groupie


Joined: 24/February/2007
Location: Canada
Points: 87
Post Options Post Options   Thanks (0) Thanks(0)   Quote pogorelichfan Quote  Post ReplyReply Direct Link To This Post Posted: 10/March/2007 at 5:13pm
Yep...according to the CRA: five years.
Back to Top
pogorelichfan View Drop Down
Groupie
Groupie


Joined: 24/February/2007
Location: Canada
Points: 87
Post Options Post Options   Thanks (0) Thanks(0)   Quote pogorelichfan Quote  Post ReplyReply Direct Link To This Post Posted: 11/March/2007 at 7:04am
Yes.  The point is to make sure you use the student loan interest credits BEFORE you use your education tuition credits because the former have a time limit for use, the latter don't.
Back to Top
frustrated-guy View Drop Down
Groupie
Groupie


Joined: 10/May/2004
Points: 212
Post Options Post Options   Thanks (0) Thanks(0)   Quote frustrated-guy Quote  Post ReplyReply Direct Link To This Post Posted: 11/March/2007 at 8:51am
tuition income tax credits can be transferred to a relative, can student loan interest tax credits be transferred to a relative too?
 
for the tuition i think cra thought that a relative could be paying the tution for the student thus they should be able to get the tax credit, I assume this could also be true for the student loan interest
Back to Top
pogorelichfan View Drop Down
Groupie
Groupie


Joined: 24/February/2007
Location: Canada
Points: 87
Post Options Post Options   Thanks (0) Thanks(0)   Quote pogorelichfan Quote  Post ReplyReply Direct Link To This Post Posted: 11/March/2007 at 4:55pm
Sorry FG,
 
I can't speak to the transferability of the interest credits.  I'm not sure, but I would hope they would allow people to do it. 
Back to Top
 Post Reply Post Reply

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.07
Copyright ©2001-2024 Web Wiz Ltd.