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Dental School Tax Write Offs


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  • 2 weeks later...

I've also heard that you can deduct more than just your tuition - that you can make a list of all your science/dentistry related undergrad textbooks, and all the dental equipment and loupes that you buy during dental school - that we should keep all the bills as we go along to not eventually forget those deductions after the first year of work!  

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I don't think those things carry over. You can claim books and equipment for that tax year, but I don't believe it carries over into future tax years, just tuition as far as I know.

 

I suppose there is a credit for textbooks included in that anyway.

 

You can transfer assets into a business and then depreciate them. Some people move assets in that way - but of course the materials have to be relevant to the business and put in at a reasonable value (things probably have already depreciated a bit prior to your starting things up).

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No, it means you can deduct certain things on your taxes, but only certain things like tuition can carry forward and count towards future taxes.

 

*if* you are making money in the highest tax bracket, then at most you get back ~40ish percent of what you paid in tuition.

 

that rate is fixed I think at much lower than 40%. It isn't tied to your income (not a tax deduction, it is a tax credit). Ahhh I thought that was roughly 21% for ontario.

 

anyway it clearly is just a fraction of the total amount spent on tuition. Otherwise in Ontario you would actually come out even or pretty close (OSAP grant, plus all tuition eventually paid back to you in taxes - that is close to the cost of school). That would be too easy :)

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