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For next year?

Starting Jan 2017 for federal and Sept 2017 for provincial (Ontario). They are allegedly redistributing this money into grants targeted at students. It is a direct loss to residents (of close to 5000 a year in tax credits so ~1000 less in take home) and we are unsure how this will affect medical students (but I would guess it will a loss as well).

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Starting Jan 2017 for federal and Sept 2017 for provincial (Ontario). They are allegedly redistributing this money into grants targeted at students. It is a direct loss to residents (of close to 5000 a year in tax credits so ~1000 less in take home) and we are unsure how this will affect medical students (but I would guess it will a loss as well).

 

yup - won't affect medical students as much proportionally as their tuition is the biggest chunk - still ultimately that will cost them roughly ahhhh 3750 in tax credits down the line. They are changing some of the other rules potentially to favour students though. 

 

we still can claim the say 700 dollars in tuition we pay. 

 

Cannot say I am happy about it ha. They also dropped the transit tax break in the same year which I also use. 

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Only federally I believe. Ontario is getting rid of tuition credits altogether. 

Although granted Provincial is only 5% vs the 15% federally.

 

you are right :) I mean all in all it doesn't look great for med students and residents for the direct tax point of view. 

 

I am more worried about the even more insane tuition though - once interest rates rise we are going to be caught in a bad way here. It would be nice if they at least accepted that the LOC interest is actually a student loan and thus an allowable tax credit - even if it is just the fracture of it that goes towards paying the tuition and thus guaranteed it is used to pay for school. 

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Just some clarification please - as an M3, I have 3 years worth of tuition tax credits from medical school and 4 more from undergrad.

 

Are these all going down to the toilet or will I still be able to use them when I begin residency?

 

I understand we won't be receiving anymore credits next year. But what about the banked ones from previous years?

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hello everyone

im little confused with these froms for 2017 tax credit return

i'm currently not enrolled in any uni but i will be starting july 1st(paying 700$ enrollement fee)

do these calculations seem right?

for the federal tuition:700$

for the provincial: tuition 2*547$ + 700$=1794$

thanks

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hello everyone

im little confused with these froms for 2017 tax credit return

i'm currently not enrolled in any uni but i will be starting july 1st(paying 700$ enrollement fee)

do these calculations seem right?

for the federal tuition:700$

for the provincial: tuition 2*547$ + 700$=1794$

thanks

 

what about the 6 months of full time status allocation. That is much more than tuition in our case :) 

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Hey folks,

 

For the residency programs where in the CaRMS program description it specifically says “residents must have a car”, does that mean then that car expenses will be tax deductible? If so, does it make a different if one claims car purchased vs payments for a leased car?

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It depends - I believe you can only deduct it if you are required to drive from your place of work to work at another place (like house calls) and not for commuting to work.

 

The PARO tax tips are quite good: http://www.myparo.ca/Documents/2016_TaxTips.pdf

 

those are pretty good (although a few now are outdated) :) 

 

and yeah can claim the expense from driving from you work to another work site - you claim it per KM at a fixed rate.

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those are pretty good (although a few now are outdated) :)

 

and yeah can claim the expense from driving from you work to another work site - you claim it per KM at a fixed rate.

 

My program already reimburses us on a per KM basis if we have to drive to a different site, which is good!

 

Ok so from what I understand then, the actual cost of obtaining and maintaining a car is not tax deductible even if it is specifically required by your employer. 

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Hey folks,

 

For the residency programs where in the CaRMS program description it specifically says “residents must have a car”, does that mean then that car expenses will be tax deductible? 

I'm not an expert, but I think you can only deduct car expenses if it's included on the T2200E.  This may be different from what's stated in the CaRMS program description.

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My program already reimburses us on a per KM basis if we have to drive to a different site, which is good!

 

Ok so from what I understand then, the actual cost of obtaining and maintaining a car is not tax deductible even if it is specifically required by your employer. 

 

that sounds correct to me with my non professional understanding of things (thus may be wrong...)

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My program already reimburses us on a per KM basis if we have to drive to a different site, which is good!

 

Ok so from what I understand then, the actual cost of obtaining and maintaining a car is not tax deductible even if it is specifically required by your employer.

The per km deduction is supposed to help you cover gas, maintenance etc.

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The per km deduction is supposed to help you cover gas, maintenance etc.

 

it certainly is much more than any reasonable cost for just the gas etc. It is just more convenient for them to compute the deduction this way than trying to figure out the actual real cost - which would STILL require a millage calculation for a duel use car (work and personal). 

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