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 - Paid off
  FAQ FAQ  Forum Search   Register Register  Login Login


Forum LockedPaid off

 Post Reply Post Reply
Author
dbjj View Drop Down
Newbie
Newbie
Avatar

Joined: 19/February/2008
Location: Canada
Points: 4
Post Options Post Options   Thanks (0) Thanks(0)   Quote dbjj Quote  Post ReplyReply Direct Link To This Post Topic: Paid off
    Posted: 19/February/2008 at 8:00am
After over 10 years of brutal relations with a collection agency over my student loans,  I took out several loans and paid off over 15000 of debt.  From my understanding I would be eligible this year for 5000 rebate in GST.  I asked the collection agency to give the tax receipt so I could claim, they told me they would not be responsible for issuing this, and directed me instead to the government. 
 
Does anyone know where I can get this receipt so I can claim and get some money back to pay down my loans???
thanks
Back to Top
Sponsored Links


Back to Top
administrator View Drop Down
Admin Group
Admin Group
Avatar

Joined: 25/January/2003
Points: 1798
Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 19/February/2008 at 9:15am
Not sure what you mean here... Do you mean a reciept for interest paid so you can claim it on your income tax?
Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
Back to Top
dbjj View Drop Down
Newbie
Newbie
Avatar

Joined: 19/February/2008
Location: Canada
Points: 4
Post Options Post Options   Thanks (0) Thanks(0)   Quote dbjj Quote  Post ReplyReply Direct Link To This Post Posted: 19/February/2008 at 9:18am
Hi,
 
The colletion agency told me I should get a tax receipt from the government for the amount paid off and I would be eligible for some kind of rebate in the amount of 5000, gst or some other rebate, as of yet I have received nothing in terms of a T slip notifying me that the amount has been paid off.
thanks
Back to Top
nsxxx View Drop Down
Newbie
Newbie


Joined: 27/November/2007
Points: 4
Post Options Post Options   Thanks (0) Thanks(0)   Quote nsxxx Quote  Post ReplyReply Direct Link To This Post Posted: 19/February/2008 at 4:24pm
If you paid 15,000 dollars in loans back to the government, where do you get the figure of 5000 from? I'm just asking because I borowed money from my family to pay off my student loan and i originally borrowed 16000 but I ended up paying 19000. Does that mean i get a 3000 dollar cheque from the government this year because thats how much i paid in interest? please help.
 
thank you
Back to Top
administrator View Drop Down
Admin Group
Admin Group
Avatar

Joined: 25/January/2003
Points: 1798
Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 20/February/2008 at 2:38am
you can claim the interest paid as a 'tax credit' If you paid 5000 in interest, it does not mean you get a cheque for 5000. You get to claim 5000 and get about 17% of it back...

Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
Back to Top
dbjj View Drop Down
Newbie
Newbie
Avatar

Joined: 19/February/2008
Location: Canada
Points: 4
Post Options Post Options   Thanks (0) Thanks(0)   Quote dbjj Quote  Post ReplyReply Direct Link To This Post Posted: 20/February/2008 at 9:46am
Hi in total I paid 40,000 off 15000 was the last remaining which apprears to have all been interest.
thanks
Back to Top
dbjj View Drop Down
Newbie
Newbie
Avatar

Joined: 19/February/2008
Location: Canada
Points: 4
Post Options Post Options   Thanks (0) Thanks(0)   Quote dbjj Quote  Post ReplyReply Direct Link To This Post Posted: 20/February/2008 at 9:52am
Thanks to the administrator my total debt was about 40,000 the reamainder I believed to be purely interest and this would account for 17% return allowance. Just one more question should they not be sending me some kind of T-Slip confirming receipt of payment like the banks send out for all the interest payment, or do the collection agencies not send any confirmation for payment of interest? Much appreciated.
thanks
Back to Top
administrator View Drop Down
Admin Group
Admin Group
Avatar

Joined: 25/January/2003
Points: 1798
Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 20/February/2008 at 10:38am
I will email my contact at HRSDC and ask what you should do....
Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
Back to Top
administrator View Drop Down
Admin Group
Admin Group
Avatar

Joined: 25/January/2003
Points: 1798
Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 06/March/2008 at 12:50pm
Got a message back from HRSDC...

"As I am sure you are aware, financial institutions and the Canada Revenue Agency are permitted to use third party collection agencies to recuperate Canada Student Loans, however it remains the responsibility of banks and the CRA to issue tax receipts for the purpose of claiming interest paid on a government student loan. "

So I sent another message ..."who should they contact to get a reciept?"

The answer I got back to day is:
"They should call HRSDC Financial Inquiries Unit at 819-997-0581 in Ottawa and 1-866-602-9454 rest of Canada from 7:00 a.m. to 6:00 p.m. EST."


Let us know how this goes.

Mark


Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024
Back to Top
Ferren View Drop Down
Groupie
Groupie
Avatar

Joined: 17/February/2003
Location: Canada
Points: 248
Post Options Post Options   Thanks (0) Thanks(0)   Quote Ferren Quote  Post ReplyReply Direct Link To This Post Posted: 07/March/2008 at 8:16pm
If you can actually back up your claim of interest paid by statements or receipts showing that you actually paid it, then it is not really necessary rely on a third party to provide an official receipt. You can claim it on your income taxes anyway and if reassessed, provide them with the proof in the form of your statements. For example, if you made your payments to a financial institution, you can ask them for a printout of your account showing the balance at the beginning of the year and your payments and the balance at the end of the year. I'm not sure but I think you can even go back previous years with the student loan interest deduction. One way or another it is a legitimate claim and can not really be disallowed in the end.
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.