Income Tax & Students

 

The money you spend for school can add up to some valuable income tax deductions for you. Keep reading for links to Tax Tips for Students and to be sure you're taking advantage of all the benefits available to you.

First, here are some of the most common questions we get about Nova Scotia T4A's, Government of Canada T4A's, and the T2202A.

 

Why did I get a T4A from the Province of Nova Scotia?

If you had Nova Scotia (provincial) Grants last year, you may receive a T4A in the mail from us. The Nova Scotia Student Assistance office issues T4A’s to students who received Student Assistance during the past calendar year in the form of non-repayable Grants. These provincial T4A’s are usually mailed in February.

 

What do I do with this T4A?

Because these are non-repayable Grants (income you received but do not need to repay), then you will enter these amounts on your income tax return as income.


Why didn’t I get a T4A?

If you did NOT receive a T4A from Nova Scotia, and believe you should have one, is your address up to date? Call us Toll-Free (1-800-565-8420) to be sure we sent it to your current address. Did you know? You can update your address with the Province of NS any time on the MyPATH site.


My T4A only covers my Fall term. What about the T4A for grant amounts I received during the Winter term?

T4A's are issued by calendar year, not academic year. Early each year you'll get a T4A all the provincial grant funding you received during the previous calendar year.


What if I also had Canada Student Loan Program (federal) Grants last year?

The Government of Canada issues their own T4A’s for any non-repayable Grants you received last year from the Canada Student Loans Program. That T4A will be available for download from the National Student Loans Service Centre online services portal. If you didn't get a T4A from them, and believe you should have, call the National Student Loan Service Centre Toll Free in North America: 1-800-815-4514.


Why did I also receive a T2202A from my school?

The T2202A is proof of any tuition you paid and your education amounts for any months you were a full-time or part-time student last year. These are valuable income tax credits for you.

Make sure you use this to your best advantage. For example, you may be able to save them up (also called "carry them forward") until a future year after you leave school, when you have higher earnings. Saving up these tax credits to use in a year when you have higher earnings could benefit you even more than using them while you're in school.


I've been repaying my student loans. Why did I get receipts for interest I paid on my student loans?

Interest you pay each year on student loans can add up to be valuable income tax credits. See the tips below for how best to use these to your advantage.


Where can I find tax tips for students?