When 8850 Form Estimated 2016-2022

When 8850 Form Estimated: What You Should Know

The ROTC (Reserve Officer Training Corps) program provides military training and educational benefits to eligible students. Most of these benefits are tax exemptions. To receive these tax benefits, you must complete the following steps: 1. Complete Your FAFSA Application. If you aren't eligible to complete the FAFSA because you're already enrolled in school, take a look at the instructions before you read this section. 2. Apply for and Receive an Education Tax Credit (ETA). The Education Tax Credit (ETA) is a federal tax credit that may be used to offset federal income taxes. For the 2015 tax year, the ETA is 20 per cent for tuition and related expenses at a Canadian post-secondary educational institution (other than an apprenticeship that requires a job search and training) for students in a full-time program that leads to the completion of an approved Canadian course of study that is accredited by the Canada Student Loans (CSL) Program. When you apply for the ETA, you must also provide your information to the Canada Revenue Agency (CRA). The CRA will then issue an education tax credit for the amount of the ETA. If the credit exceeds your eligible federal tax credit, you won't get a refund from the CRA. You must choose to file the return to the years you would have been eligible to take advantage of the ETA. 3. Complete You and your eligible educational institution's joint online FAFSA form and submit your payment. 4. Submit the Canada Revenue Agency (CRA) and the Canada Revenue Agency Student Financial Services Center (CRA-SFSCC) online Student Statement of Net Income (SSN) and Your Eligible Net Income (ENI) to the CRA. NOTE: The CRA issues a student statement of net income (SSN) once the student is assessed an eligible tax credit and has reported his or her education tax credit. 5. Submit your signed federal tax return, including supporting statement of assets, liabilities, and income. Your ETA will become a part of your return by the CRA when all the CRA-SFSCC reports are submitted to the Canada Revenue Agency (CRA). 6. Submit payment to the CRA to get your refund. Note: If you are eligible for a student refund — your refund will be given with your ETA.