Only students receive tuition receipts: Even if you paid the tuition, colleges and universities issue the T2202A Form to the student. The T2202A Form allows a student to claim tuition as well as the education and textbook credits.
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Taxes
Here are some of the most common questions:
- Do I need a business number? – You do not need a business number to report business income on a T2125 Form. This form records your business income and expenses as part of your personal return. And you need to pay CPP premiums if you earned more than $3,500.
- Can I have losses? – You can have losses on your business that can be used to offset other income. If the losses exceed your income from other sources, you have a non-capital loss which can be carried forward to years when you have more income.
If you have a Registered Education Savings Plan (RESP) for your children, you might be wondering about what tax slips or receipts you may need in order to file your income tax.
First of all, you will not receive a contribution receipt for putting money into an RESP, as contributions towards RESPS are not tax deductible