2011 income tax question - I have to pay

[Cos]

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[triplep]

It is simple....


Fill out a T1-ADJ that you can find on their website, and submit it. You don't actually need your receipts, everything is on record at the CRA, so even if you didn't have them, they could have sent you the Info slips in a few days.

http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/t1-adj-11e.pdf

Pretty simple form to fill out. Just write you are changing the RSP line (2xx) etc, and everything else will be calculated for you.

If you don't want to go the T1-ADJ route, which is pretty simple, then what you can do is register on the CRA website for "MY ACCOUNT"..... regardless, I would recommend that you register, and then once you get the access code in the mail, you can amend your returns on their website for the past 2 or 3 years, can't remember exactly how long.


If you put 20k into your RSP depending on what tax rate you were at, I'd expect between 25-35% will be returned to you as putting money into your RSP decreases your Taxable Income.

[sabad66]

Originally posted by Mar
I was in the same position as your wife for a few years after university, barely made any money, barely paid any tax. Usually when I did my taxes I got back about $6500 per year because of tax deductible interest paid on my student loan.

Did you have ~650k in student loans? Otherwise, there is no possible way that your student loan interest tax deductions would translate into a $6500 return. Also, student loan interest doesn't begin until after graduation (unless you went through a bank), so you would not be able to leverage those tax deductions during school anyways. More than likely you're getting mixed up with tuition/textbook credits.

[sabad66]

Originally posted by Cos


I have every piece of paper in the a box. May be fun. I am wrong at the amount though, I have about 20k in the RRSP but 10 of that was this year and 10 was last year. At our work you dont qualify to contribute to the plan for 1 tax year so because I started in May 2007 I had to wait a year and a half to start contributing so this is really only my 3rd year in it. I think my contributions started in 2009.

It is a RRSP, just stock purchase and mutual fund purchases through Sunlife and Manulife. I am only betting on getting 2/3k back between last year and this year. I logged into my netfile account and it didnt keep any records. I guess I'll have to see what I can find and call CRA on monday.

Are you sure it is an RRSP plan and not a Pension plan? There is a difference. Just something to watch out for as I thought they were were equivalent until just recently during tax time when I did a bit more research (never had a pension until i started working last year)

[sabad66]

Originally posted by SmAcKpOo
Mar,

Are student loan interest credits dollar-for dollar, meaning if I paid 2000$ of interest on a government inssued loan do I receive a 2000$ tax credit?

No. You'd get 15% of that as a tax credit.

[Mar]

Originally posted by sabad66

Did you have ~650k in student loans? Otherwise, there is no possible way that your student loan interest tax deductions would translate into a $6500 return. Also, student loan interest doesn't begin until after graduation (unless you went through a bank), so you would not be able to leverage those tax deductions during school anyways. More than likely you're getting mixed up with tuition/textbook credits.

It was student loan interest, I had a pretty big debt. Though you are right as well, a lot of it was carried over tuition payments from previous years, I had forgotten exactly what the reasoning was. But I know over 2 tax filings I got back almost $12,000.

[Cos]

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[Cos]

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