Tax Purposes - BMQ,Qualified Education Institution?

[ratboy505]

This year I'm attempting my own taxes. But sorting through tax definitions is really not my best work. Does anyone have any experience with taxes, I've searched and found nothing so far so thought I'd just ask.

For tax purposes, does BMQ count as a qualfiied education institution and therefore allow a recruit to claim as a student?

Thanks.

 

[Michael OLeary]

BMQ is part of your job, it's not an educational institution and would not, by itself, qualify you to claim as a student.

 

[Loachman]

Maybe we should up his tuition.

 

[ballz]

Just for the Ratboy's (and anybody else's) benefit since he's attempting to understand taxes, it wouldn't matter if it was a "qualified education institution" or not.

You did not pay to attend BMQ, therefore you can not claim it as any sort of expense to you. If somebody else was paying your tuition at a university, like in ROTP, you would not be able to claim it either.

 

[chrisf]

Not true.

While the tuition amounts and expenses are non-deductable, as you didn't pay them, there is a deduction of $400/mth as a full time student, which I believe you only have to be attending school as a full time student to receive. Meaning that an ROTP student (Or even an RMC student for that matter) should still be able to claim that amount. Though BMQ certainly wouldn't apply.

But I'm not a tax expert by any means.

 

[ballz]

Not true.

While the tuition amounts and expenses are non-deductable, as you didn't pay them, there is a deduction of $400/mth as a full time student, which I believe you only have to be attending school as a full time student to receive. Meaning that an ROTP student (Or even an RMC student for that matter) should still be able to claim that amount. Though BMQ certainly wouldn't apply.

But I'm not a tax expert by any means.

Yes, what I said was true. You cannot claim things you did not pay for as an expense, or not wrt to post-secondary anyway.

And yes, you are correct, ROTP can claim the $400 per month (not for BMQ obviously).

There are three things with regards to Post-Secondary education you can claim.
1.Tuition expense (whatever the tuition was)
2. Textbooks expense ($65/month full-time, $20/month part-time)

both of which ROTP/other subsidized programs cannot claim because they don't pay for it, and

3. Education expense ($400/month full-time, $120/month part-time) which we can claim because we DO pay for those expenses (those expenses being "miscellaneous" expenses WRT post-secondary education I do believe).

Here is the "Tuition, Education, and Textbook Amounts" portion of the taxes. Please do check it, as I am no tax-expert either (just pursuing that haha) and may have made some mistakes. http://www.cra-arc.gc.ca/E/pbg/tf/5000-s11/5000-s11-09e.pdf

 

[chrisf]

My mistake for jumping the gun there, you did specify tuition.

 

[ballz]

No worries, I had to ask an Accountant about these things for my own benefit. I *almost* never claimed the Education expense last year, but he explained it to me.

Unless your on some sort of "all-expenses paid" contract where they pay every expense including lodgings/food/transportation/etc, not just tuition/books/supplies, you can claim that $400/month.

 

[chrisf]

For those of us receiving the tuition reimbursement, you can also claim the portion not reimbursed....

 

[Pusser]

The bottom line in this situation is that you cannot claim any sort of tax deduction for education for BMQ.