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Doing Your Tax: Q&A
Hello TalkSFUers,
I notice that tax season is here and some of us are CLUELESS in this regard. We have no idea where to get Form A, B, and C and what to write in Section D, E, F, and G. I have therefore created this thread to allow those who know what they are doing to help those of us who have no clue as to what to do.
I will probably organize this thread into different sections dealing with all matters relating to tax, ranging from common questions such as the T2202A Data to some obscure ones like the RRSP.
Post any questions you have regarding tax in this thread and one of us who knows what to do will answer.
As questions and answers build up, I will add any resolved questions onto this post.
A big thank in advance, and let's hope this work...
Sincerely,
Student0667
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General Questions
Q: Can I claim tuition/education textbook amounts even if someone else (ex: The CF) is paying my tuition?
A: You can claim tuition/education textbook amounts if you or a relative pays your tuition. However, if an employer, including the federal government, pays you tution for you, then you are not eligible to claim any of these credits.
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Where to get Forms Questions
Q: Where do I get the T2202A Data?
A: You long onto your GoSFU account. Under Finance, you will find the link T2202A Data. Click on it and it will give you the option to choose your year. Select your year and print it out.
Credit: Almost everyone
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T4, RRSP, and T2202A Questions
Q: How do I do my taxes? I have my T4 slip and my RRSP slip. I cannot use my T2202A because I do not pay my taxes and would rather not get in trouble for tax fraud.
A: Declare the T2202A even if you had no taxable income because the credit carries over for future years. Your tax credit can get carried over, maybe 5 years. Alternatively, you can transfer up to $5000 of your credit to your parents.
Credit: JayDub for posing the question, DaNoobie and ToddB for answering.
Q: Is the t2202a data the same as the form?
A: Most likely, because the t2202a data is printed out as a form.
Credit: Vonnie for asking.
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Tips
Courtesy of Randomuser...
I notice that tax season is here and some of us are CLUELESS in this regard. We have no idea where to get Form A, B, and C and what to write in Section D, E, F, and G. I have therefore created this thread to allow those who know what they are doing to help those of us who have no clue as to what to do.
I will probably organize this thread into different sections dealing with all matters relating to tax, ranging from common questions such as the T2202A Data to some obscure ones like the RRSP.
Post any questions you have regarding tax in this thread and one of us who knows what to do will answer.
As questions and answers build up, I will add any resolved questions onto this post.
A big thank in advance, and let's hope this work...
Sincerely,
Student0667
[CENTER]-----------------------------[/CENTER]
General Questions
Q: Can I claim tuition/education textbook amounts even if someone else (ex: The CF) is paying my tuition?
A: You can claim tuition/education textbook amounts if you or a relative pays your tuition. However, if an employer, including the federal government, pays you tution for you, then you are not eligible to claim any of these credits.
[CENTER]-----------------------------[/CENTER]
Where to get Forms Questions
Q: Where do I get the T2202A Data?
A: You long onto your GoSFU account. Under Finance, you will find the link T2202A Data. Click on it and it will give you the option to choose your year. Select your year and print it out.
Credit: Almost everyone
[CENTER]-----------------------------[/CENTER]
T4, RRSP, and T2202A Questions
Q: How do I do my taxes? I have my T4 slip and my RRSP slip. I cannot use my T2202A because I do not pay my taxes and would rather not get in trouble for tax fraud.
A: Declare the T2202A even if you had no taxable income because the credit carries over for future years. Your tax credit can get carried over, maybe 5 years. Alternatively, you can transfer up to $5000 of your credit to your parents.
Credit: JayDub for posing the question, DaNoobie and ToddB for answering.
Q: Is the t2202a data the same as the form?
A: Most likely, because the t2202a data is printed out as a form.
Credit: Vonnie for asking.
[CENTER]-----------------------------[/CENTER]
Tips
Courtesy of Randomuser...
randomuser;50121 said:Quicktax provides free online returns to anyone who earns less than 20k a year whos a student. I made more than that so I had to pay, but its an option for many of you.
Comments
How do I do my taxes? I have my T4 slip and my RRSP slip. I cannot use my T2202A because I do not pay my taxes and would rather not get in trouble for tax fraud.
Vonnie asked in the shout box, "Is the t2202a data the same as the form?"
I think so, but does anyone else know the answer?
How do I do my taxes starting from step 1? I have my T4 slip and my RRSP slip. I cannot use my T2202A because I do not pay my tuition and would rather not get in trouble for tax fraud.
The sign up period is over now, but you guys should check it out next year.
I haven't met up with my friend to do the taxes yet, but I'll let you guys know how it goes.
All I want to know is how to pay my taxes, all i need to have is my T4 and my RRSP slip. Both which I have. Now what do I do.
Or you can download the "2008 General Income Tax and Benefit package" from the Canada Revenue Agency at http://www.cra-arc.gc.ca/formspubs/t1gnrl/bc-eng.html.
Afterward, you just fill out that form (hopefully with someone who know what they are doing next to you) and submit it. Unless I completely misunderstood the system, the government will reimburse some tax dollar you paid back to you in the form of a cheque.
Someone want to confirm or correct what I said?
or go to H&R Block
or call cra
im pretty sure no one else here is in the same situation as you
went onto quicktax, wham bam thank you mam
edit: matter of fact i don't even know if what i just said made any sense at all
I guess the t2202a form is a sort of receipt for Revenue Canada to see how much you spent last year on educational expenses and then deduct that amount from the tax you paid...
As well as asking for how much you paid for school, Revenue Canada would also ask you how much you spent on books. So it would be handly to have those bookstore receipts.
That is all I know. Sometimes, I just wish that high school math would teach us about this stuff instead of teaching us about ratios, fractions, and integers...
P.S Thankyou Summerheaven and Randomuser for sharing your tips. May I have permission to post it on the first post?
Quicktax provides free online returns to anyone who earns less than 20k a year whos a student. I made more than that so I had to pay, but its an option for many of you.
Post whatever you want that I say student.
but there is a limit on the amount of textbooks deductions you can use, its based on if your full or part time, and that is what imposes the limit of how much you can claim, based on what you spent.
you cant just claim the maximum amount if you didnt spend that much in books
...probably should have gotten a written receipt off them, i guess its one of the risks or downsides of buying used
P.S: What's Auditing? Is it where Revenue Canada examine your report in detail to see rather these figures are genuine and honest?
Either way, the past two years I exceeded that amount and claimed the full amount easily.
Where do I hand it in to get my monies back, and when do I have to do that by?
I am currently on co-op as a tax analyst. To quickly answer some of your questions.
1. T2202A: You can claim tuition/education textbook amounts if you or a relative pays your tuition. However, if an employer, including the federal government, pays you tution for you, then you are not eligible to claim any of these credits.
2. To do your taxes, with a T4 and RRSP slip:
Enter your box 14 amount from your T4 slip at line 101
Enter your CPP premiums from your T4 at line 308. (schedule 1)
Enter your EI premiums from your T4 slip at line 312. (schedule 1)
Enter your tax deducted at line 22.
Provided that you are deducting the the whole amount of your RRSP contribution this year, enter the amount of your 2008 RRSP contribution at line 208 of your return.
Also, is my schedule 1 the T4 slip?
Fack, I need someone to show me how to do this shit because I am clearly calculating it wrong.
Newbie question. I thought we are getting money by claiming these tuition fees on tax return? But when I am doing my return, it's actually taking my money away? I am confused =[
I dont think theres anyway you end up paying taxes by claiming your tuition at the end of the day.
How does this work? Does this even make sense? =_=
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Nothing will happen if you dont claim yourself as a student, and don't claim tuition fees. You're supposed to file tax returns if you work, and theres no benefit to not claim your tuition credits. Tuition credits and your student status do nothing but benefit you.
If you are worred about this, go try an online tax program with your T4 and your T220A and see the difference, with and without the T220A