School taxes question re: T2202A's - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Wookie · 02-01-2006, 03:06 PM

Just wondering if anyone knows if it's easy to figure out what portion of your tuition is on these? I want to do my taxes ASAP but won't get these forms until Feb. 28th.

Thanks

ken0042 · 02-01-2006, 03:12 PM

I would do an estimate, and then knock it down by a bit. So if you figure you paid $5000, claim $4500. Then when you get your form file for a correction after you get your rebate.

The gov't doesn't care if you claim too little; it's when you over claim that they can start to get a little nasty.

cSpooge · 02-01-2006, 03:38 PM

Quote:

Originally Posted by ken0042

I would do an estimate, and then knock it down by a bit. So if you figure you paid $5000, claim $4500. Then when you get your form file for a correction after you get your rebate.

The gov't doesn't care if you claim too little; it's when you over claim that they can start to get a little nasty.

the correction will take 8 weeks to fix and through that 8 weeks you will be charged interest, so I wouldn't suggest doing this. You can only claim your tuition not any of the extra fees taht the school/students association charges you. The best way to estimate is to look on the school website where they have a break down of what money you paid and what it was for, use the portion that is only for tuition. when i took 5 classes at MRC i paid 2600 for a semester but I was only able to claim 1600. So knocking it down a bit doesn't do much. And when you claim your tuition you have to send the T2202A form with your tax return.

ken0042 · 02-01-2006, 03:46 PM

Quote:

Originally Posted by cSpooge

the correction will take 8 weeks to fix and through that 8 weeks you will be charged interest,

How is it that the gov't will charge you interest on money that they owe you?

Wookie · 02-01-2006, 04:15 PM

Thanks for the ideas.. .

What about not using the school tuition? I still have left over credit from previous years, I can just add the tuition next year can't I?

Cube Inmate · 02-01-2006, 04:30 PM

I'm no expert, but I'd guess you have to claim your tuition on this year's return in order to carry it forward...

But maybe you can skip it for now and then file a correction later, which will either result in more of a refund or more available to carry forward.

Or just wait another 4 weeks.

Re: sending forms...if you use TELEFILE, you don't send them anything...just have to make sure you've got your documents if they decide to check up on you a little later.

ken0042 · 02-01-2006, 05:07 PM

It's been a while since I claimed for tuition, but I think you are allowed to carry forward one year- if memory serves correctly.

I think when I was in school it was explained that this allowed you to claim your tuition in a year when you are actually making real money.

cSpooge · 02-01-2006, 06:38 PM

Quote:

Originally Posted by ken0042

It's been a while since I claimed for tuition, but I think you are allowed to carry forward one year- if memory serves correctly.

I think when I was in school it was explained that this allowed you to claim your tuition in a year when you are actually making real money.

you can carry forward as many years as you want BUT the first year you can use it you are forced to use it.

Re the interest thing, the interest only kicks in if you over guess your estimate, meaning you would owe them money.

Calgary Flames · 02-02-2006, 10:23 AM

How does this work? I'm a first time student. Can I just use Quicktax? Do I recieve money back from the Government?

ken0042 · 02-02-2006, 10:33 AM

Your tuition is a tax deduction. So if you made $33,000 last year, and paid $3000 in tuition, you would only pay income tax on $30,000 of your income. So if you are in the 20% tax bracket, it would net you an extra $600 in your income tax refund.

Calgary Flames · 02-02-2006, 10:41 AM

Quote:

Originally Posted by ken0042

Your tuition is a tax deduction. So if you made $33,000 last year, and paid $3000 in tuition, you would only pay income tax on $30,000 of your income. So if you are in the 20% tax bracket, it would net you an extra $600 in your income tax refund.

I've been a full time student I've had no income. I paid $10,000 in tuition.

What position am I in?

ken0042 · 02-02-2006, 10:47 AM

You can do one of two things; save that tuition until you are back in the work force, and get credits from there.

Myself, when I was in school I gave my tuition receipts to my dad, and he was allowed to declare it off of his income.

Edit- just thought of a 3rd. Because it is a tax credit, you can still claim it, and you will get a tax rebate. Not as much as saving it for later though.

JohnnyO · 02-02-2006, 10:51 AM

You can transfer it to a parent or,

Even if you have no tax to pay and you are carrying forward all or part of your tuition and education amounts, you must file your return and attach a completed Schedule 11 so we can update our records with your unused tuition and education amounts available for carry forward to other years.

Bobblehead · 02-02-2006, 10:53 AM

The link from the CRA website that answers all your questions is called "Students and Income Tax"

Yes, Quicktax will do everything you want. The only real tricky part for Wookie is figuring what portion of the money he has paid is tuition and other allowable expenses.

Bobblehead · 02-02-2006, 11:02 AM

Actually, tuition and education are non-refundable tax credits. Along with all the other tax credits, they are added together, then you can claim 15% of them to apply against federal tax (Tuition and Education amounts are on line 323 of Schedule 1).

So as long as you taxable income is in the lowest tax bracket, you can think of $1 tuition = $1 tax free income, but if you are in higher tax brackets it is no longer dollar for dollar.

Calgary Flames · 02-02-2006, 11:20 AM

So there is pretty much no sense in filing my tuition this year? and I'm able to save the tax credit for next year? If that's the case, i'd wait on that for sure.

thanks for the link and input

Bobblehead · 02-02-2006, 11:32 AM

You file your taxes this year and include your tuition. You indicate that you wish to carry forward the unused portion, then this will show up as a carryforward to be applied when you do have tax owing (the carryforward amount will show up on your notice of assessment).

Calgary Flames · 02-02-2006, 11:34 AM

Quote:

Originally Posted by Bobblehead

You file your taxes this year and include your tuition. You indicate that you wish to carry forward the unused portion, then this will show up as a carryforward to be applied when you do have tax owing (the carryforward amount will show up on your notice of assessment).

Ahhh. thanks!