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T2202A thing...Help!

cassie1013
edited August 2008 in General
I've been informed by my parents to "file" this as soon as possible because apparantly I will get money back.

I've looked on goSFU, and found it, however only my first semester (Fall 2006) is coming up. Nothing from 2007 in which I was enrolled all 3 semesters.

It tells me to print this out, but what do I do with it then? Take it somewhere? Give it to someone? Why am I getting free money?! I don't understand!!! I understand that it's a "tax receipt" (I think) but that doesn't help me much, LOL.

Comments

  • Broken Lizard
    edited January 2008
    you get the tax taken off your paycheques back. Depending on how much you've made and how much tax was taken off. You use them to add to the amount of money you can earn before it being taxed. I think it is 8100, and you'll add your tuition and such, so you can probably make around 20k non taxable...
    Give it to whoever is doing your taxes for you... H&R block i think charges 30 to do it...
  • cassie1013
    edited January 2008
    Ooh, ok. Well, I haven't made that much in terms of employment, I only worked over the summer last year. It was probably only a couple grand, if that. I'll have to look at my paystubs again.

    So do I even get anything back? :\ Do you have to be employed to file this?

    Oops, one more question. Is there a due date??
  • Broken Lizard
    edited January 2008
    nope, i think you have 10 years to do it... or 5... i dont know. I just did my 2005 last month, lol.
    You'll get GST too if this is your first time filing. Its about 60 dollars on average, 4 times a year i think.
    Don't need to be employed.
    If you had tax taken off, you'll get all of it back. And if you overpaid on your CPP, you may get some back.
  • randomuser
    edited January 2008
    Theres a system called e-file I believe, or netfile, google it. Your employer will send you your T2 or whatever once they have it ready, you may have to call them if you dont work for them anymore.

    Also SFU will have it ready online when they get around to it.

    Once you have your T2 and T2202A or whatever, thats all the information you need and you can file your taxes...its not hard, and its free on efile or netfile if you make under 20k a year. I wouldnt bother getting it done professionally unless youve made a lot of money or have a lot of medical expenses and other weird stuff.
  • segadcsonic
    edited January 2008
    If you want assistance in filing tax returns, I know the Accounting Students Association @ SFU Business helps students do their return in March/April for free I believe (as long as your income is < $30 000).
  • Jimmy
    edited January 2008
    i love tax returns; its like christmas all over again
  • NukeChem
    edited January 2008
    The labor income tax slip is called the T4. Bursary and scholarship income is reported on a T4A.

    The T2202A is your tuition, education and textbooks amount.

    When you file, if you choose to E-file you do it through a Revenue Canada authorized E-filer. For example, Langara College has a program where you pay $20 or so and they E-file for you. The advantage of that is once you start, they carry everything over for you from year to year so you don't need to worry about you carryovers of unused tuition and education.

    If you Netfile, you do it all yourself.

    If you file on dead trees, you should use a computer program. If you do it this way you need to mail in with the tax forms your T4, T4A and perhaps your T5 if you have substantial bank interest income. YOU DO NOT SEND IN THE T2202A.

    Also, if you transfer your tuition and education, you can only do so to a parent or grandparent and you can only transfer the current year's amounts to a $5000 upper limit. The rest you use yourself or carry forward.

    In general, taxes taken off on labor income are deducted with the assumption you will work a full year. Be warned that if there's a tax cut in the middle of the year and you got a raise AFTER the tax cut, you can end up owing tax. Because a lot of students have tuition/education AND do not work a full year, they end up getting tax refunds. Be warned that this is not usually the case once you start working full-time.
  • cassie1013
    edited January 2008
    Basically now I've been told that I want the tax return sheet (GST). My mom said it was a T4, the one I printed off goSFU was the wrong one supposedly...

    LOL so confusing. Thanks for all the explanations though. So basically, I need a link to this form for my GST return thingy...
  • randomuser
    edited January 2008
    If youre talking about your GST return you will get four months a year, its part of your tax return its a box you check off, itll be in the Governments efile thing or netfile whichever it is.

    Also I dont think sfu has them ready yet thats why youre getting the 2006 copy rather than the 2007
  • p51dray
    edited January 2008
    1) You have to report your income to the government so the government can tax you.
    2) Employment income is recorded on a piece of paper called a T4. Your past employee will provide this to you.
    3) Because being in school reduces the taxes that you have to pay, SFU provides a record of your tuition and other school cost on a piece of paper call a T2202A.

    Now, assuming you are filing for tax year 2007, you probably should wait until SFU processes the T2202A for 2007, then file your taxes--there will probably be an email when it's ready. I think you can amend the T2202A to your return if you file now but that would just be extra work. Your past employer should mail you a T4 soon but they have until the end of February to do so--you can try bugging them if you are that anxious to file RIGHT NOW.

    You do not have to file/pay balance owing until the end of April. If you file earlier then you will get your refund sooner.

    You cannot file online if this is your first time filing taxes.

    You cab file online for free, by yourself, if you use ufile with the Canadian Federation of Students promo code or if you download StudioTax. I'd never trust a bunch of SFU business students with my personal info and I don't think you should either.
  • randomuser
    edited January 2008
    Actually, as far as I know you can file online if its your first time, you just cant get direct deposit on your first time if you file online.

    Well in fact I know you can, unless they changed the policy from last year when I helped my cousin do hers for the first time.
  • p51dray
    edited January 2008
    randomuser;21227 said:
    Actually, as far as I know you can file online if its your first time, you just cant get direct deposit on your first time if you file online.

    Well in fact I know you can, unless they changed the policy from last year when I helped my cousin do hers for the first time.
    No you cannot:
    http://www.netfile.gc.ca/restrictions-e.html
  • randomuser
    edited January 2008
    maybe we did an efile one then? either way it was free if you have low income, didnt have to pay some student organization or other third party to do it
  • p51dray
    edited January 2008
    Hmm maybe it is then. I've only used netfile, which is supposed to be for all the DIYs. The software splits out a file and I submit it to CRA with my netfile access code :).
  • NukeChem
    edited August 2008
    Oh yeah, more necroposting. If you like to waste dead trees, you can use this totally free program to do your taxes. It works fine for situations where you have a T4, T4A and a T2202A and maybe some charitable donations or political donations, i.e. a rather basic return. :)

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