Financing, Bursaries & Tax Receipts
Notice for Tax Returns
Changes made by the CRA’s Tuition Tax Receipt for 2019 and going forward, we will require flight schools to issue the T2202 form. The new rules stipulate that tax receipts are to be issued for qualifying students. In order to be considered a qualifying student: an individual must spend not less than 12 hours in the month on courses in the program. For this reason, the tax receipt that will be sent to CRA will only take into account the fees paid for the months that you are quantified as a qualifying student. Please also note that to qualify for a program, the course must be more than 3 weeks in duration.
For more information about the CRA directives please visit here.
Qualifying students are required to complete a tax information form and submit it to our Accounts Manager Karen. This form will be used to send the correct information to the CRA. This information will be needed before the end of each calendar year.
As this form includes private information, please bring the form to the Brampton Flight Centre in-person to Karen or she can provide you with a DocuSign copy of the form.
If you have previously filled out an application and your address has changed, please be sure to advise Karen accordingly.
In the event that you have time from 2018 or prior to claim, you will need to reach out to [email protected] to request a tax receipt as 2018 or prior will require the TL11B receipt to be issued.
905-838-1400 ext. 231
At Alterna Savings, we have a Line of Credit designed just for students that’s perfect for helping to cover the cost of tuition and other expenses.
Built specifically for students enrolled in post-secondary education, the Alterna Savings Student Line of Credit gives you the convenience of a readily available source of money for whatever arises.
- You’ll save money: Our Student Line of Credit carries a lower interest rate, and you can make interest-only payments while in school and up to one year after graduation.
- You’ll have peace of mind: The Student Line of Credit gives you an easy solution to cover expenses such as tuition, books, and living expenses so you can focus on school.
- You’ll have flexibility: As the student line of credit is a revolving credit product, you’ll be able to re-draw the funds as you pay down your balance without having to re-qualify.
- Access up to $10,000 per year, up to a maximum of $40,000 over four years of study 1
Becoming a Member
At Alterna Savings, we offer all the same services and products you’d expect from a bank, but our “co-operative” difference means you get the added benefits of being a member. Our profits are returned to you in the form of great rates and better service, and put back into strengthening your local community.
When you open your account, you purchase a $15 lifetime “membership share”. This share buys you ownership in Alterna Savings – which means you have a say in its operations, such as voting for the Board of Directors and changes to the by-laws. Your ownership is equal to every other member at Alterna Savings – which means more money doesn’t buy you more power. And, if you ever decide to leave us – you’ll get your membership share back.
If you’re ready to apply for an Alterna Savings Student Line of Credit, visit your nearest Alterna Savings branch, or call us at 1.877.560.0100.
How does the Alterna Savings Student Line of Credit work?
The Alterna Savings Student Line of Credit is designed to meet the borrowing needs of students pursuing post-secondary education.
As a revolving credit product, students are able to re-draw funds as they pay down their balance. The Student Line of Credit carries a lower interest rate than a regular line of credit, and students will only be charged interest only payments while in school and up to one year after graduation.
The Alterna Savings Student Line of Credit is fully open to pre-payment, including lump sum payments. While in school and up to one year post-graduation, the minimum payment will be interest only based on the previous month end balance.
How will a student make the monthly payment?
To repay the line of credit, students can make a payment through Online Banking, Telephone Banking, ABMs, or at any Alterna Savings Branch.
Automatic transfers and pre-authorized payments can also be set up for easy payments to the line of credit.
What will the student receive when they open an Alterna Savings Student Line of Credit?
Along with the Student Line of Credit, you’ll have access to the Alterna Savings Student Life Banking Package.
This free banking package includes:
- No monthly fee, no minimum balance required
- Unlimited free day-to-day transactions2
- Free access to Alterna Savings and The EXCHANGE® Network ATMs
- Two free Interac® ATM withdrawals per month
- Two free Interac® e-Transfers per month
- Free Interac® Debit transactions
- Free bill payments and transfers
- Free withdrawals, payments by cheque and pre-authorized payments.
Everything you need to know about our current service fees and account features can be found here or please contact Caledon’s local Branch Manager Clelia Spina at 416-213-7968 ext. 3100, address: 1 Queensgate Blvd. Bolton, ON, L7E 2X7.
What is the interest rate?
Currently, the Alterna Savings Student Line of Credit carries a variable interest rate as low as Prime plus 1.00%.3
Eligibility for an Alterna Savings Student Line of Credit?
Qualification for the Alterna Savings Student Line of Credit is subject to Alterna Savings credit approval criteria. Applicants must:
- Meet the age of majority in the province or territory in which the Student Line of Credit is opened.
- Have Canadian Citizenship or have permanent resident status
- Have at least two years of recent, full time work experience
- Be able to pay 3% payment of the credit limit using verified income
- Other conditions may apply.
In addition, applicants must provide annual proof of enrollment, including status (full time/part time), enrollment date, expected graduation date, program and school name.
A co-borrower may be required for your Student Line of Credit application.
Similar to the criteria for the student, co-borrowers must:
- Meet the age of majority in the province where the Student Line of Credit is opened,
- Be a Canadian Citizen or landed immigrant
- Other conditions may apply.
1 Approval, interest rate and credit limit are subject to Alterna Savings credit approval criteria.
2 Day-to-day transactions include: cheques, pre-authorized payments / debits, debit card payments (point of sale), Alterna Savings and THE EXCHANGE® Network ATM withdrawals and transfers, withdrawals (in-branch, online, mobile and telephone banking), bill payments (in-branch, online, mobile and telephone banking), transfers (in-branch, online, mobile and telephone banking)
3 Rates subject to change without notice.
Alterna Savings & Credit Union Limited operates as Alterna Savings.
Unfortunately we are not eligible for OSAP at this time. However please consider applying for an educational line of credit through a financial institution of your choice.