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paulaffleck 
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Joined: 26/September/2007
Location: Canada
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 Topic: Interest Paid Form not Received
Posted: 18/August/2009 at 10:33am |
Listmates,
During 2007 - 2008, I retired a (federal) student loan, then in collections with ARO. However, I made all payments directly to HRSDC, via Internet banking.
Never have I received any statement of interest paid. I believe that HRSDC would be responsible for issuing such forms, but from them, or ARO, I never received anything.
Has anybody else had the experience of having received no form, for income tax purposes, from HRSDC, when the debt was with a third-party collection agency, to verify interest paid on a government-issued student loan?
Thank you,
Paul.
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Madmorrigan
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Joined: 09/March/2005
Location: Canada
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Posted: 19/August/2009 at 1:16pm |
Hey, Paul...I pay CSL directly to the HRSDC and even THEY didn't send me an interest statement this year. Luckily, however, I keep all the statements they send me and just added it up. I await the audit with baited breath.  I would think something like that would be like a T4, though--in order for you to accurately file your taxes, you have to have it...but then again, look what it is we're talking about, right?
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paulaffleck
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Posted: 20/August/2009 at 1:47am |
Thanks, morrigan. It's just such a relatively simple thing to produce these forms, you would think. I am trying to imagine the magnitude of the incompetence, by imagining the goings-on at HRSDC...
Tax time approaches. It's a surprise to no one. HRSDC is collecting loan monies. Interest is paid in all those loans, which is deductible. Again, a surprise to no one. HRSDC has the addresses off thousands of people to whom it mails statements each month. So, the addresses of those people are of no surprise to HRSDC.
And the income tax interest-paid statements are not sent? For what am I, and all of you in this forum, paying these civil servants (yes, I said "civil servants")?
Worse, if something so simple is the subject of such incompetence, how deeply does the incompetence penetrate the organization as a whole?
-Paul
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kjc
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Location: Alberta
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Posted: 20/August/2009 at 4:54am |
Yes- had this happen for 2 yrs in a row as well as 1 yr for the other big bank loan(RBC).
These documents ARE to be sent to us within the first 2 months of the year for income tax purposes. I kept watching for them and when mid-March rolled around with no receipt, I called both RBC ( Student Loans div. and NSLC) to inform them at which time they then sent them. No explanation was provided for why they were not sent (not even a "we did send it out so the mail must of lost it excuse) which leads me to believe that both organizations are remiss on sending these documents out and of course, it is up to us to ensure that we get them although they are legally required to send them to us once a year for tax purposes,as we are the ones with the vested"interest"( pun intended) in claiming the interest on taxes.
KJC
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KC
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administrator
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Posted: 20/August/2009 at 5:19am |
I had dealings with senior bureaucrats at HRSDC a couple of years ago. These people did not know or understand their own student loan regulations. They were making recommendations to me and applying certain standards to rules that were clearly wrong. I had to educate these people on their own regulations... Sad....
As far as I know, HRSDC does not have account history information. There is no record of your payments and interest charges or ability to reconcile your account if you've been transferred from NSLC, a bank etc to a collection agency or to any other place... all that's passed on from what I understand is a number - what you owe.... so I dont think they have the info to really process and reconcile things. And in many provinces student loans are exempt from the basic reporting and documentation requirements that apply to car loans, mortgages etc.
You would think that they would issue these receipts automatically, but not likely.
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Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
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Madmorrigan
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Posted: 20/August/2009 at 9:46am |
 administrator wrote:
As far as I know, HRSDC does not have account history information. There is no record of your payments and interest charges or ability to reconcile your account if you've been transferred from NSLC, a bank etc to a collection agency or to any other place... all that's passed on from what I understand is a number - what you owe.... so I dont think they have the info to really process and reconcile things. And in many provinces student loans are exempt from the basic reporting and documentation requirements that apply to car loans, mortgages etc.
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I was able to get my full history from the HRSDC for my CSL--and it was a transfer from a collection agency (transferred back a couple of years ago). Perhaps I'm one of the "lucky ones"? My provincial loan, however, remains completely AWOL, though they've been clawing back my refunds and applying 66% to this loan that they say they have no knowledge of (33% goes to the CSL, 66% disappears into thin air--when I ask for details, they don't know what I'm talking about, which begs the question of why the government is taking my money if they don't know where it's going?? I digress.......). I'm sure that will show up about the time I'm ready to retire. I like to pretend I'm going to retire, it makes me feel that my life isn't quite as futile as it is. Just goes to show the rules are, in fact, different for everyone.
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old hippy
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Posted: 22/August/2009 at 4:28am |
I'm just digging up my "Official Receipt for Income Tax Purposes" receipts now for the CRA. They sent me another processing review letter regarding $4,450.00 student loan interest I claimed on my income tax this year. Yeah, kind of hard to believe I know but it's a lot less now that the Bank of Canada rate has gone down. I file online so I don't send the interest receipts right away, not until they ask for them (which they do).
The CRA suggested in their letter, that I contact the financial institution for loans prior to Aug. 1, 2000 and the NSLSC for loans issued after Aug. 1, 2000. These interest receipts had already been mailed to me in Jan/09. They are both "Official Receipt for Income Tax Purposes" - not T4's - and one came from NSLSC and the other from CIBC National Student Loan Centre. Probably gets all screwed up when the loans default though...and that's too bad. They should hire a few bookkeepers..
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paulaffleck
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Posted: 23/August/2009 at 4:46am |
CRA officials perform astounding feats of accounting when monies stand to be collected in their favour. These abilities disappear when monies stand to be paid in the taxpayer's favour. Attentions paid to their poor performance on this head are met with hubric scoffs and arrogant dismissals The lowly taxpayer must daily marshall whatever energy left, post-workday, to battle with CRA. CRA begins to resemble some inhuman monster, hell-bent on eating every last crumb, a complete alien to the concept of discretion.
The short version: CRA wants to collect and never to pay.
Have a nice day.
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
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Posted: 24/August/2009 at 7:30am |
CRA is a for-profit organization. They capitalize on recoveries by way of legislations that are manufactured solely for their benefit. The FAA and FITA are clear examples. They are given power to do whatever they so choose. The danger to the Canadian population is their informal culture, which has been spread from the top and then downward. Agents act and behave as they are trained to by their heirarchy.
Johnny
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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. solvestudentdebt.com
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paulaffleck
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Posted: 24/August/2009 at 10:10am |
For-profit businesses that do not constitute monopolies at least respond to customers' needs in a timely and humane way. CRA is a complete monopoly, but without any competition bureau to ensure that the public can exercise choice, in order that the market can operate properly.
It's quite often the governmental organizations that operate the most poorly and suffer from the most hubris.
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SolveStudentDebt
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Posted: 27/August/2009 at 1:02pm |
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You are certainly right about that. Monopoly. Governments gobble up opportunity and fix the game so that no one can compete. If anyone tries or defies they squash the little guy. The governments in this country are a large part of the economic failures we suffer from. We need a leader in this country that has the same world and political view as Justice Gomery. Accountability for government corruption and corruptors is really needed.
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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. solvestudentdebt.com
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Interest Paid Form not Received