30
09
2015
Doctor holding piggy bank

Tax Update 2

The 7-year long Education and Textbook Tax Credit legal case has finally come to a close! UBC recently announced that T2202A forms for medical residents from 2005 onwards (including 2015 and beyond) will now indicate student status. This means that residents are eligible to claim the education and textbook tax credits when filing their income tax. All reissued forms can be accessed through UBC’s Student Services Centre.

***UPDATE Sep 21, 2015: Please read this letter issued in the September Pulse that details the result of the case, as well as the next steps. Further information about claiming credits, as well as past communications, can be found in the member section.

Brief Overview of Next Steps:

For tax years 2005 – 2010: If you did not previously file an objection, you will need to file taxpayer relief to receive the credits from previous years.

For tax years 2011-2012: If you previously filed an objection with our the lawyers, please send your updated T2202As to the lawyers when they become available on UBC’s Student Service Centre. If you did not file an objection, you will need to file for taxpayer relief in order to claim the credits.

For tax year 2013: If you filed tax for this year as though you had the credits and were not reassessed (ie: CRA did not request proof of student status), no action is necessary; just save a copy of the corrected T2202A for your records. If you previously filed an objection with our the lawyers, please send your updated T2202As to the lawyers when they become available on UBC’s Student Service Centre. If you were denied the credits, or did not claim the credits, and have not filed an objection, you will need to file one.

For tax year 2014: If you filed tax for this year as though you had the credits and were not reassessed (ie: CRA did not request proof of student status), no action is necessary; just save a copy of the corrected T2202A for your records. If you were denied the credits, or did not claim the credits, you will need to file an objection.

For tax years 2015 & beyond: Claim your credits when you file your taxes!

*An “objection” is a process that initiates re-examination of a previous tax assessment.

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author: Melissa Nilan