2004 Taxes

[Wookie]

Woohoo

I just finished mine.

The last two eyars I've filed them in December or January 7-9 months late.

This will be the first time in three years I've gotten them in early.

And I get a refund too

[V]

I'm getting my T4 in the last week of Feb, so I gotta wait.

I've got a 10,000 dollar reno in my kitchen coming up asap, so I need any bit of money I can grab. So I hope my taxes give me a sweet return.

[Bring_Back_Shantz]

You know, I've always found the idea of a tax return kinda funny. I mean it's nice and all to get some cash back, but it was your cash to begin with. It pretty much ammounts to giving the government an interest free loan.

Kinda funny that if you are late with your taxes, you get charged penalties AND interest. But if the government takes too much, they simply give it back straight up.

[Wookie]

Originally posted by Bring_Back_Shantz@Feb 11 2005, 12:30 PM
You know, I've always found the idea of a tax return kinda funny. I mean it's nice and all to get some cash back, but it was your cash to begin with. It pretty much ammounts to giving the government an interest free loan.

Kinda funny that if you are late with your taxes, you get charged penalties AND interest. But if the government takes too much, they simply give it back straight up.

Yeah it is silly..

Weird, I didn't get peanalized for doing my taxes late, but I guess maybe that's because I ddin't owe money.

[I-Hate-Hulse]

Originally posted by Bring_Back_Shantz@Feb 11 2005, 12:30 PM
You know, I've always found the idea of a tax return kinda funny. I mean it's nice and all to get some cash back, but it was your cash to begin with. It pretty much ammounts to giving the government an interest free loan.

Make sure they don't over deduct by filing a new TD1 with your payroll department. Especially if circumstances have changed for you (ie going to school, married).

I'll file as soon as I get all my T-slips. Damn Income Trusts are slow to get those T slips out....

[JiriHrdina]

On a related note, I am back in school this year so I figured I would be getting a nice tax break eh? Well - what I've discovered is that students get a RAW deal.
- I can't claim tuition for my 2nd semester. Even though I paid for it in 2004 because the semester is in 2005 I have to wait. nice.
- I can't claim books
- I can't claim the other $700 in materials I have had to shell out that were requirements for my program.

That's a nice system we've got that encourages people to improve themselves.

[I-Hate-Hulse]

Originally posted by JiriHrdina@Feb 11 2005, 12:50 PM
On a related note, I am back in school this year so I figured I would be getting a nice tax break eh? Well - what I've discovered is that students get a RAW deal.
- I can't claim tuition for my 2nd semester. Even though I paid for it in 2004 because the semester is in 2005 I have to wait. nice.
- I can't claim books
- I can't claim the other $700 in materials I have had to shell out that were requirements for my program.

That's a nice system we've got that encourages people to improve themselves.

Yeah but you get a $400/month Education credit ($120 if Part time) for every month you're in school. Pretty sweet if you ask me. Books and materials have never been eligible due to the variations in requirements for them.

[jam26]

I am three years behind in my taxes and I don't even know where to begin.

[ricosuave]

go to an accountant! itll cost you, but at least youll avoid the pressure and hassle of figuring it all out.

i tend to be 12 months behind, mainly because im lazy, and because my rental taxes are a pain to do...

rico

[Wookie]

Originally posted by I-Hate-Hulse+Feb 11 2005, 12:56 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (I-Hate-Hulse @ Feb 11 2005, 12:56 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-JiriHrdina@Feb 11 2005, 12:50 PM
On a related note, I am back in school this year so I figured I would be getting a nice tax break eh? Well - what I've discovered is that students get a RAW deal.
- I can't claim tuition for my 2nd semester. Even though I paid for it in 2004 because the semester is in 2005 I have to wait. nice.
- I can't claim books
- I can't claim the other $700 in materials I have had to shell out that were requirements for my program.

That's a nice system we've got that encourages people to improve themselves.

Yeah but you get a $400/month Education credit ($120 if Part time) for every month you're in school. Pretty sweet if you ask me. Books and materials have never been eligible due to the variations in requirements for them. [/b][/quote]
What's this?

[I-Hate-Hulse]

Originally posted by Wookie@Feb 11 2005, 02:29 PM
What's this?

Education Credit Link

You can also carryforward these too.

[JiriHrdina]

Originally posted by I-Hate-Hulse+Feb 11 2005, 02:43 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (I-Hate-Hulse @ Feb 11 2005, 02:43 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-Wookie@Feb 11 2005, 02:29 PM
What's this?

Education Credit Link

You can also carryforward these too. [/b][/quote]
That is awesome dude. Thanks. I wasn't aware of that credit. Good thing I bitched about this in this thread. lol.

Even better is that under the definition I can qualify as a full time student. Nice.

Mo' money mo' money mo' money!

[Wookie]

Originally posted by I-Hate-Hulse+Feb 11 2005, 02:43 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (I-Hate-Hulse @ Feb 11 2005, 02:43 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-Wookie@Feb 11 2005, 02:29 PM
What's this?

Education Credit Link

You can also carryforward these too. [/b][/quote]
Oh, that's the part that you fill out in your reg. tax return to deduct tuition fees right? Not some other education subsidary that gives you $400.00 - $150.00 a month?

[BlackArcher101]

I'm still waiting for my T2202A tax receipts, so until then, I can't do anything.
Should be an easy return to do though, since I had zero income for 2004 (thank you flames), and only education expenditures. Gonna be carrying forward quite a bit of tuition credits. Hello refund next year!

Bring Back Shantz... I always get interest when the government owes me money.

[JiriHrdina]

Originally posted by Wookie+Feb 11 2005, 02:55 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Wookie @ Feb 11 2005, 02:55 PM)</td></tr><tr><td id='QUOTE'>

Education Credit Link

You can also carryforward these too.

Oh, that's the part that you fill out in your reg. tax return to deduct tuition fees right? Not some other education subsidary that gives you $400.00 - $150.00 a month? [/b][/quote]
eh?

Isn't this in addition to the tuition claim?

That is...can I not claim BOTH the $400/month thing AND my tuition?

[Wookie]

Originally posted by JiriHrdina+Feb 11 2005, 02:59 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (JiriHrdina @ Feb 11 2005, 02:59 PM)</td></tr><tr><td id='QUOTE'>

Oh, that's the part that you fill out in your reg. tax return to deduct tuition fees right? Not some other education subsidary that gives you $400.00 - $150.00 a month?

eh?

Isn't this in addition to the tuition claim?

That is...can I not claim BOTH the $400/month thing AND my tuition? [/b][/quote]
That's what I'm wondering, I already claim my tuition, which doesn't do me much because I don't make much anyway during the year..

However if I could get this other thing....

Unless this other thing is in fact what I'm already doing...

[I-Hate-Hulse]

Originally posted by JiriHrdina@Feb 11 2005, 02:59 PM
Isn't this in addition to the tuition claim?

That is...can I not claim BOTH the $400/month thing AND my tuition?

It is. You get to claim your tuition AND 400 a month. Tack on the deductibility of interest on student loans. All that adds up in a hurry!

Keep in mind though these are credits to your taxes payable and not a direct refunded amount (ie you don't get $400 back in cold hard cash, it goes in as a credit to taxes payable).

[I-Hate-Hulse]

Originally posted by Wookie@Feb 11 2005, 03:05 PM
That's what I'm wondering, I already claim my tuition, which doesn't do me much because I don't make much anyway during the year..

However if I could get this other thing....

Unless this other thing is in fact what I'm already doing...

Sounds like you may have missed this in previous returns. File a T1A (Adjust) to get those credits carried forward.

Keep in mind there are some requirements that have to be met on that CRA like I sent along. (eligibility of institution etc).


EDIT - the SU @ the UofC runs a student tax prep service. Can't remember what they charge (if anything) but it may be a good way for students to get a basic return done.

[BlackEleven]

Try living in Quebec. I get to file not one but TWO tax returns. Oh the joy! I just can't wait to start filling those out

On the plus side though, last year I got two refunds B-)

[BlackArcher101]

Originally posted by Wookie@Feb 11 2005, 02:05 PM
That's what I'm wondering, I already claim my tuition, which doesn't do me much because I don't make much anyway during the year..

However if I could get this other thing....

Unless this other thing is in fact what I'm already doing...

It is what you are already doing... well, at least should be. It's part of Schedule 11 (provincial and federal I think) which you have to complete if in school.

What I-Hate-Hulse said.