It's tax time...

NukeChem

Too paranoid to use online UFile type websites?

http://pacificcoast.net/~gthompson/

Download 2006 1.1, install it, then install the 1.2 upgrade. Enter your forms, print them on dead trees, sign on the indicated line and mail the lot into Revenue Canada. You'll get your refund in about 2-4 weeks.

:tongue:

Simon604

If you print your T20220A from go sfu and have your T4 from last year, you can walk into any H&R Block to do your taxes. I think its a flat charge of $29.99 for students and they give you the cash right away too if your like me and don't wanna wait.

Malakaiii

Or you can date someone who's mom is an accountant. That works really well. ;)

toast

....first time doing it...need a guide...

BTW, for students who are currently unemployed, all they have to do is put in their student loan or whichever way they use to pay for their school fees right?

NukeChem

The guy does recommend following the tax guide from Revenue Canada, but that's more to cover his own arse than anything else I think. :tongue:

Student loans don't count as taxable income.

http://www.cra-arc.gc.ca/agency/resourcekit/individuals/deductions-students-e.html

http://www.cra-arc.gc.ca/students/

If you use the tax program in the link above, double-check that all the forms have the proper deductions in them - you'll need to click through Page 1, 2, 3, and 4 of the T1 General and then click on the federal Schedule 1, the provincial Tax/Credits, the federal Schedule 11 and the provincial Schedule 11.

In particular make sure you take the BC sales tax credit; that's a free $75 one-up refund for anyone who files. Also make sure you check off the GST credit boxes (a free $60ish every four months is not a bad thing), and the Elections Canada box (if you plan to vote in the riding you're living in now).

Snowboarder Ryan

I think books are tax deductible nowadays too?

NukeChem

Yeah, you throw that in as the textbook amount on Schedule 11 (fed and prov).

toast

so we need to find the receipt of our book purchase? What if u lose it?

NukeChem

No receipts. It's a standard amount. You claim $65 for every month you were in school, and if you can't use it this year, it "carries over" into future years.

Pixie

I have a question, stupid question-it says "The scholarships, fellowships, or bursaries must be received by you as a student with respect to your enrolment in a program that entitles you to claim the education amount."
What does it mean "entitles you to claim..."
Also, where do i write the amount of loan i received?
I am lost....

NukeChem

It means that at some point in 2006 you were in a university (SFU, in your case I hope :tongue: ) to which you paid tuition and attended classes.

Student loans are not considered taxable income. Do not report student loans.