Need it so I can get some money for taxes.

hehehehehehe

MUGSI > Tax Certificates on the left menu

Originally Posted by CAHopeful

Need it so I can get some money for taxes.

hehehehehehe

lol... u might not get as much as u think..


source: personal experience

so approximately how much ?

also i remember last year i checked my mailbox at rez just for shigs around tax season and realized my T4 slip arrived in there. Not sure if you really need it but I suggest checking your mailbox to pick up your paper copy.

if i payed 8000 for tuition how much will i get back?

Originally Posted by mfattal

if i payed 8000 for tuition how much will i get back?

It depends on how much you made and paid taxes. The tuition receipt are design to increase the amount of deductible you can have. Which in the end, reduce the amount of taxable income you have and end up giving you a refund on how much taxes you paid.

oh lol so if i dont have a job then i get a small amount i c

Originally Posted by mfattal

oh lol so if i dont have a job then i get a small amount i c

Yep. But it get banked until your income increase enough for the tuition to be used.

oh thats good but can u give me a general idea? like 5% back 10% 1 %?

Originally Posted by mfattal

oh thats good but can u give me a general idea? like 5% back 10% 1 %?

Depends on income and how much tax you paid.

Lets say you paid in total $2,000 in tax. The tuition receipt might let you get all of it back or most of it back.

You will never get the amount of tuition you paid, but the amount of tax you paid.

Originally Posted by mfattal

oh thats good but can u give me a general idea? like 5% back 10% 1 %?

Look at the tax forms to see how it's set up. I didn't make enough money to get anything back this year (so, 0% from what you seem to be asking...) I was, however, allowed to transfer some of it to my dad so he could claim it, and then the rest gets carried over. If I didn't transfer to my dad, then I wouldn't be able to get anything back, and all of it would get banked. Keep in mind though that it isn't the straight-up tuition amount, there are other calculations.

Originally Posted by nerual

Look at the tax forms to see how it's set up. I didn't make enough money to get anything back this year (so, 0% from what you seem to be asking...) I was, however, allowed to transfer some of it to my dad so he could claim it, and then the rest gets carried over. If I didn't transfer to my dad, then I wouldn't be able to get anything back, and all of it would get banked. Keep in mind though that it isn't the straight-up tuition amount, there are other calculations.

Do you happen to know the amount?

Originally Posted by RyanC

Do you happen to know the amount?

Amount for what?

Some of it is based on what your tuition actually is...and my tuition this year was probably very different from most people's on here because I only paid for one term of school + co-op fees.
There is a maximum that you're allowed to transfer to someone else regardless of how much your income/tuition is, and I don't remember how much that is...it's different for federal vs provincial, though.

I don't know the calculation. But I just did mine and I got $2065 back including gst and other credits. Made $22K with $2K paid in taxes. Paid $4400 in tuition and $2K in rent. Wished I knew how to do my taxes. Had to paid Softron $105 to have them do it for me. Sad smiley face goes here