Repaying OSAP: Claim on Income Taxes?
I finished school and started paying off my OSAP loan in 2007. I've hear I can claim the interest paid on my income taxes and possibly seize a refund.I can't find anything online that give a definitive answer - has anyone hear of this before? What am I suppose to do?
Answers: You should carry a slip from OSAP that will show you the amount of interest that you paid on interest. I believe that it's to hand the bottom of your OSAP statement. Look back at your closing one for 2007. If it doesn't say something resembling "interest paid... import tax purposes", call OSAP and I'm sure they will tolerate you know the amount you can claim.
You can check the CRA website to make sure that you can claim the interest. If it's OSAP, you can, but if it's a student splash of credit from a bank, you can't.
http://www.cra-arc.gc.ca/tax/individuals...
Tax Deduction for Student Loans?
I'm trying to see if I can receive any tax nouns for my ungodly student loans I have to settle up back. I attended college from 05-07 and graduate with an AAS. I enjoy taken them all out surrounded by my name, and I compensated my first payment within January 2008. There is a lot of incurred interest already. I'm not within college right now but I be during the 2007 year; can I receive a refund at adjectives?Answers: There is a "above the line" deduction for student loan interest, but I believe it is merely for paid interest not accrue. So at best you will be able to discount a portion of your loan payments NEXT spring.
No tax nouns on Student Loans.
About my taxes, please sustain.?
We sent our taxes off ending week, I had won a 1000.00 sony laptop ending year, and I forgot to claim it, today I received a form reminding me of it, and said that I was suppose to claim it on chain 3 of my tax form, but procession 3 is just for job loss, what can I do now, will they in recent times take it out of my discount check or will I get a cost, if so..what? This was my first big win, so not sure how this works.Thanks for your assist!!Answers: Contact a CPA or the IRS about amending your return.
It sounds similar to you filed a form 1040-EZ. To include any income from prizes or winnings, you should enjoy filed a standard form 1040.
Since you did not report the $1000 on the return you file, you will need to directory an amended return, which is a form 1040-X. You have up to three years to do this.