Students' Tax 101
Class is now in session . . .
Here are a few tips every tax-smart student should know.
File a Tax Return
File a tax return, even if you didn’t earn enough to pay income tax. That will guarantee you receive the $350 GST rebate. It will also guarantee that you get a refund of any taxes you may have paid through payroll deductions with your employer.
Claim Each Month for School and Books
You can claim $400 a month for each month you attended college or university full time ($265 a month for part-time students). You can also receive a tax credit of $65 a month for textbooks ($20 a month for part-time students).
Claim for Tuition
You can claim any tuition fees over $100 as a tax credit. Eligible fees include any mandatory amounts charged by the school.
http://www.moneysense.ca/2008/10/01/tax-101/
Stewart Financial Services
Email: sandra@sandrastewartfinancial.com
Website: www.sandrastewartfinancial.com
Location: 339 Huronia Road, Barrie, ON, Canada
Phone: (705) 719-3930
Facebook: http://www.facebook.com/sandra.stewart.9231
Twitter: @ASKCoachSandra