I know we can file Tuition Tax Returns, Textbook Tax Returns and even get a tax return on our GO monthly passes...

My question is: How much is the return on our tuition and our GO passes?
Thanks very much

Originally Posted by goodnews.inc

I know we can file Tuition Tax Returns, Textbook Tax Returns and even get a tax return on our GO monthly passes...

My question is: How much is the return on our tuition and our GO passes?
Thanks very much

For the GO passes, you get 15% of the amount you pay for the monthly passes.
http://www.transitpass.ca/about_e.asp

The real question should be:

Can we claim the federal transit tax credit on the amount we paid for our HSR passes?

Originally Posted by saukalra

For the GO passes, you get 15% of the amount you pay for the monthly passes.
http://www.transitpass.ca/about_e.asp

Does that only apply for the monthly passes, or the 10-ride pass for example?

Originally Posted by ~*Sara*~

Does that only apply for the monthly passes, or the 10-ride pass for example?

only monthly.

I would like to add that transit credits are NON-REFUNDABLE tax credits (compared to tuition credits which can be carried over into future years) so that means it only makes sense to claim it if you made over 10,320 this year as that's the federal basic amount.

So, if you made under that amount, it'll be better for you to give it to your parents to claim it. ** The legality of that action shall not be discussed in this thread **

**"it" being the transit passes

Can we still file a tax return and claim the credits if we didn't have any income this year?
Does our income level affect the amount of tax credits on transit & tuition that we receive?

Originally Posted by goodnews.inc

Can we still file a tax return and claim the credits if we didn't have any income this year?
Does our income level affect the amount of tax credits on transit & tuition that we receive?

yes, it effects what amount of your income is taxable. The Credit is a reduction in taxable income [line 150] - not a "refund" of cash. It makes no sense to file the credits if you made "0" taxable income.

In terms of someone before mentioning the transferring of the Tuition credit (T2202A i believe) its 100% legal to do so, you just fill out the transfer form on the T2202A - I usually transfer to my parents because as they are in a higher tax bracket it effects their return more more significantly and we distribute the difference.

That's disappointing. I would have liked a refund.

Originally Posted by myster

The real question should be:

Can we claim the federal transit tax credit on the amount we paid for our HSR passes?

I actually did claim on the amount paid for HSR pass last year.

Okay So this is one of the few things that I simply don't understand: Taxes! :(
Sooo Assuming I make around 700-1000 a year this year from part time sales jobs off campus & seasonal jobs on campus.

So what do I do then for my "tax returns"? I am having tax deducted from my current job at Shell(Like $21 for a $280 payheck) and then there is this thing about tax credits for tuition fee related stuff :S How can I claim it?

What should I do next year when the tax filing season comes along?(In Jan/Feb comes along I think)

:(

Originally Posted by huzaifa47

Okay So this is one of the few things that I simply don't understand: Taxes! :(
Sooo Assuming I make around 700-1000 a year this year from part time sales jobs off campus & seasonal jobs on campus.

So what do I do then for my "tax returns"? I am having tax deducted from my current job at Shell(Like $21 for a $280 payheck) and then there is this thing about tax credits for tuition fee related stuff :S How can I claim it?

What should I do next year when the tax filing season comes along?(In Jan/Feb comes along I think)

:(

At the end of the tax year - and close to the reporting cycle (Feb/March) you will be mailed all your statements from your employer (This is typically called a T4). Your T4 has your gross income, amount of taxes deducted, EI and CPP contributions etc.

For your tuition you use a similar slip called a T2202A which outlines your tuition&residence costs.

You then should gather up all other supporting documents (Receipts for public trainst, rent receipts, realized gains on investments, scholarships etc).

Once all information is gathered, you have two options. 1) Buy tax software (quicktax etc) or 2) use a free tax booklet which you can pick up from any canada post.

As I want to be an accountant one day I have only gone the traditional way and used the booklet - this way it lets me see how the numbers relate to eachother, which lines are meaningful, and how the all contribute to determing your final tax expense.

The software on the other hand, is very straight forward. you just plug in the numbers it tells you to from your supporting documents and print out the results.

Bottom line choice is up to you, but its all very straight forward. Once you have gathered all your supporting documents, you basically follow all the instructions from either the booklet or the software.

Originally Posted by james2255

In terms of someone before mentioning the transferring of the Tuition credit (T2202A i believe) its 100% legal to do so, you just fill out the transfer form on the T2202A - I usually transfer to my parents because as they are in a higher tax bracket it effects their return more more significantly and we distribute the difference.

I was talking about the legality of transferring transit pass credits to someone who did not use the actual transit pass.

I know it's legal to transfer tuition credits from dependants to parents.

Originally Posted by huzaifa47

Okay So this is one of the few things that I simply don't understand: Taxes! :(
Sooo Assuming I make around 700-1000 a year this year from part time sales jobs off campus & seasonal jobs on campus.

So what do I do then for my "tax returns"? I am having tax deducted from my current job at Shell(Like $21 for a $280 payheck) and then there is this thing about tax credits for tuition fee related stuff :S How can I claim it?

What should I do next year when the tax filing season comes along?(In Jan/Feb comes along I think)

:(

You can get that $21/paycheque without having to claim anything since your 700-1000/year is well less of the $10k or so personal tax credit.

Originally Posted by myster

You can get that $21/paycheque without having to claim anything since your 700-1000/year is well less of the $10k or so personal tax credit.

hmm as in? You are implying that I can just request for the amount that adds up as employee tax at the end of the year or that it will automatically be mailed back to me; WITHOUT filling out the complicated forms? :S

I'm sorry for the thickness! This is one subject that Is completely beyond me :S