Quantcast
TAX writeoff???Post secondary - Beyond.ca - Car Forums
Results 1 to 19 of 19

Thread: TAX writeoff???Post secondary

  1. #1
    Join Date
    Jun 2003
    Location
    Calgary
    My Ride
    KTM
    Posts
    861
    Rep Power
    17

    Default TAX writeoff???Post secondary

    Hey i know you can claim your tution as a tax deduction but is it possible to claim the cost of your books??

  2. #2
    Join Date
    Nov 2002
    Location
    Calgary
    My Ride
    Two from Freemont
    Posts
    9,068
    Rep Power
    28

    Default

    no, it specifically states in the tax book that you cannot. sucks I know.
    My Tesla referral link: https://ts.la/moon14483

  3. #3
    Join Date
    Jun 2003
    Location
    Calgary
    My Ride
    KTM
    Posts
    861
    Rep Power
    17

    Default

    Thanks for the reply, thats BS

    I can claim Corrective eye surgery but not my books.... so stupid

  4. #4
    Join Date
    Nov 2002
    Location
    Calgary
    My Ride
    2002 Subaru Impreza WRX
    Posts
    461
    Rep Power
    0

    Default

    Yah the only benefit of being in school full time is you get all the tax you paid back.

    Well it's been the case ever since I've been in post secondary....haven't had to pay anything yet and I always get whatever I paid in tax back.

  5. #5
    Join Date
    Nov 2002
    Location
    Calgary
    My Ride
    Two from Freemont
    Posts
    9,068
    Rep Power
    28

    Default

    probably cause you don't make enough money.

    you do know that you get a $400 (or at least when I was in school) credit for every month you are a full time student?
    My Tesla referral link: https://ts.la/moon14483

  6. #6
    Join Date
    Jun 2003
    Location
    Calgary
    My Ride
    KTM
    Posts
    861
    Rep Power
    17

    Default

    Originally posted by benyl
    probably cause you don't make enough money.

    you do know that you get a $400 (or at least when I was in school) credit for every month you are a full time student?
    No explain more.....

  7. #7
    Join Date
    Feb 2003
    Location
    Edmonton
    Posts
    93
    Rep Power
    0

    Default

    Originally posted by craigcd


    No explain more.....
    Your T2202 (I think that's the number. I should know since we're developing/testing our we're sending out) will explain it all, which your school provides you.

  8. #8
    Join Date
    Nov 2002
    Location
    Calgary
    My Ride
    2018 Ford F150, K6 GSXR 1000
    Posts
    1,124
    Rep Power
    19

    Default

    Originally posted by Ajay
    Yah the only benefit of being in school full time is you get all the tax you paid back.

    Well it's been the case ever since I've been in post secondary....haven't had to pay anything yet and I always get whatever I paid in tax back.
    How and when do you get it paid back?

  9. #9
    Join Date
    Nov 2002
    Location
    Calgary
    My Ride
    Two from Freemont
    Posts
    9,068
    Rep Power
    28

    Default

    go here. all the information you might need about this can be found.

    http://iis-sii.ccra-adrc.gc.ca/ez.in...e=5&group=INDV

    click on education and then on yes twice. It will explain the $400 I am talking about.
    My Tesla referral link: https://ts.la/moon14483

  10. #10
    Join Date
    Nov 2002
    Location
    Calgary
    My Ride
    2002 Subaru Impreza WRX
    Posts
    461
    Rep Power
    0

    Default

    Originally posted by ramminghard


    How and when do you get it paid back?
    \

    If you work while you go to school you'll get your T4 from you work and T4's from any other type of income you have as well. All I did was fill out my tax return (well my dad does it) when UofC sends my tax receipt information and a couple weeks later I get back all the taxes I paid from my job.

  11. #11
    Join Date
    Sep 2002
    Location
    Calgary, Alberta
    Posts
    127
    Rep Power
    0

    Default

    I went over this in Fnce 343.... You used to be able to write off all your books. Now you just get $400 per semester if your a FT student... or $250 if your PT.

  12. #12
    Join Date
    Mar 2003
    Location
    Left Coast
    My Ride
    '18 GMC Sierra, '18 Yamaha MT07
    Posts
    1,336
    Rep Power
    18

    Default

    I dont thnk you can get ALL of it backk.. I thought you can only claim your tuition amount?

  13. #13
    Join Date
    Jun 2003
    Location
    YWG
    Posts
    3,110
    Rep Power
    20

    Default

    The $400/month is basically what will be deducted from your total income for that year.

    So if you make $20000 and you were a FT student for 7 months your taxable income will be reduced to $17200 ($20000-$2800) so any of the tax you paid on the $2800 you will get back. Which (depeding on your tax bracket) could be around $500-700 that you will get on your income tax return.

    If you didnt make much money this year. You can hang onto the slip and defer claiming the credit until you are making more.

  14. #14
    Join Date
    Apr 2003
    Location
    Calgary
    My Ride
    Giant Rainier
    Posts
    96
    Rep Power
    0

    Default

    How are student loans taxed? I could've borrowed $5000 but I turned some of it down because I wasn't exactly sure how I was gonna be taxed and I didn't really need the money either. If I made $5000 in wages, got $3000 scholarships, and borrowed $3000, how would I be taxed?

  15. #15
    Join Date
    Nov 2002
    Location
    Calgary
    My Ride
    Two from Freemont
    Posts
    9,068
    Rep Power
    28

    Default

    the interest you pay on a student loan is a tax write off. The rest doesn't matter.

    You should call the CCRA and they can answer these types of questions better than we can. They review the returns, so they know what it is all about.
    My Tesla referral link: https://ts.la/moon14483

  16. #16
    Join Date
    Aug 2002
    Posts
    740
    Rep Power
    18

    Default

    Originally posted by sputnik
    The $400/month is basically what will be deducted from your total income for that year.

    So if you make $20000 and you were a FT student for 7 months your taxable income will be reduced to $17200 ($20000-$2800) so any of the tax you paid on the $2800 you will get back. Which (depeding on your tax bracket) could be around $500-700 that you will get on your income tax return.

    If you didnt make much money this year. You can hang onto the slip and defer claiming the credit until you are making more.
    Does this apply to all tax brackets? What if you were a fulltime student making 65 000/year on the side?
    I know you don't smoke weed. I know this. But I'm gonna git you high today. 'cause it's Friday, you ain't got no job, and you ain't got shit to do!

  17. #17
    Join Date
    Feb 2003
    Location
    -
    My Ride
    L-Tuned
    Posts
    967
    Rep Power
    17

    Default

    Originally posted by no_joke
    How are student loans taxed? I could've borrowed $5000 but I turned some of it down because I wasn't exactly sure how I was gonna be taxed and I didn't really need the money either. If I made $5000 in wages, got $3000 scholarships, and borrowed $3000, how would I be taxed?
    A loan is not considered income so you would not incur any income tax on it at all. Scholarships are considered income and you will pay taxes on them, however you are allowed a certain amount tax free, IIRC. Your student loans will remain in interest free status as long as you provide proof that you are still in full-time studies.

    edit: forgot to apply to your example... $5000 in wages undergo normal payroll deductions unless you have indicated to your employer that you are exempt due to income level. $3000-exemption (don't remember what it was; it's been a while) would be considered income and taxed. $3000 student loan would be exempt from all types of deductions since it's not income. At the end of the year, your total income wouldn't even break past the basic tax credits and that's not even taking into consideration the other tax benefits of being a student. Thus, you'd get a tax refund and possible refund for overpayment of other payroll deductions.

    Originally posted by Dope Dealer


    Does this apply to all tax brackets? What if you were a fulltime student making 65 000/year on the side?
    Yes, it all applies to all tax brackets. Any interest paid on your student loans is 100% tax deductible.
    Last edited by Altezza; 01-23-2004 at 01:40 AM.

  18. #18
    Join Date
    Apr 2003
    Location
    Calgary
    My Ride
    Giant Rainier
    Posts
    96
    Rep Power
    0

    Default

    Wow! Thanks a lot for the help Altezza!

    Didn't actually expect anyone to have an answer to my problem.

  19. #19
    Join Date
    Aug 2003
    Location
    HK->Lethbridge->HK
    My Ride
    The Bus
    Posts
    17
    Rep Power
    0

    Default

    And don't forget they can be carry forward to the next year. OR if you are nice enough you can transfer it to your parents and they might pay you for it. This ususally lowers them to the lower tax bracket. Consider time value of money and inflation, a dollar now could buy more.

Similar Threads

  1. Tire Tax ?

    By 2k3sonataglx in forum General Car/Bike Talk
    Replies: 7
    Latest Threads: 07-09-2003, 10:30 PM
  2. cheap, tax free ciggaretts

    By cipher in forum General
    Replies: 5
    Latest Threads: 06-17-2003, 11:01 AM
  3. Anyone have Quick Tax?

    By Ed the SOHC in forum General
    Replies: 4
    Latest Threads: 05-07-2003, 10:34 PM
  4. Post Secondary!

    By Ben in forum Campus Chat
    Replies: 48
    Latest Threads: 02-10-2003, 09:28 AM
  5. Post Secondary?

    By SoSlowDx in forum General
    Replies: 6
    Latest Threads: 09-05-2002, 12:19 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •