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Robin Hood

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Silvantes i read ur journey on how you go to med school. It is awesome that you had a wife to support you throughout all the hardship. I always believed that you can be strong yourself but there comes a time when you can't do it alone and it was amazing that your wife was there for you. Best of luck.

 

There are times where I wish I had a girlfriend that would be there when I needed someone to lean on. I feel like I give so much, and I would just like to get the same in return. It makes me feel naive and stupid to have some vision for myself in the future with a loving wife and a rewarding career.

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Good morning, NB bursaries were due to be out , late by a couple weeks of course, good thing it is tax time. Does anyone have experience with how the tax credit (for students) works? I have a massive eon my file already and my tax guy (H&R) said that when I am out working full-time I will have a huge return I can put on my student debt..? Is this true, I thought it stayed on as a credit until I owed or something but never released as money?. how will this credit help me?

 

Is this the Tuition tax credit you are referring too?

 

As soon as you are taxed you have no choice but to use the tax credit to reduce that tax as much as possible. As medical students we all have around 100,000+ in tax credits which works out roughly as 20,000 is tax savings (so you don't pay the first 20,000 in income tax basically). If you go from UG directly into medical school that likely will be even higher.

 

Once you work full time they will automatically take income tax off based on your income. You simply get that tax money back when you file. Some actually tell their employers not to deduct tax in anticipation of using those credits.

 

Under no circumstances can you directly convert a tax credit into actual cash, you can only use it to reduce the tax you owe. Tax refunds are never free money - you simply paid too much already and the government is giving it back (that is why is is called a refund).

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Silvantes i read ur journey on how you go to med school. It is awesome that you had a wife to support you throughout all the hardship. I always believed that you can be strong yourself but there comes a time when you can't do it alone and it was amazing that your wife was there for you. Best of luck.

 

There are times where I wish I had a girlfriend that would be there when I needed someone to lean on. I feel like I give so much, and I would just like to get the same in return. It makes me feel naive and stupid to have some vision for myself in the future with a loving wife and a rewarding career.

 

Thank You very much, she was indeed necessary with the kids.

The right person will come along, I am sure. I know some friends of my wife that feel the same way (about a husband)

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Is this the Tuition tax credit you are referring too?

 

As soon as you are taxed you have no choice but to use the tax credit to reduce that tax as much as possible. As medical students we all have around 100,000+ in tax credits which works out roughly as 20,000 is tax savings (so you don't pay the first 20,000 in income tax basically). If you go from UG directly into medical school that likely will be even higher.

 

Once you work full time they will automatically take income tax off based on your income. You simply get that tax money back when you file. Some actually tell their employers not to deduct tax in anticipation of using those credits.

 

Under no circumstances can you directly convert a tax credit into actual cash, you can only use it to reduce the tax you owe. Tax refunds are never free money - you simply paid too much already and the government is giving it back (that is why is is called a refund).

 

Thank You, this was my understanding, thought maybe the tax guy knew something I didn't. So I could not pay tax for a year give or take and only use that extra money in my pay for paying off debt. Once the credit was used up I start paying tax appropriate to my income. You'd have to definitely stay on top of everything to make sure you didn't end up owing..thank you for the info!!!

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Thank You, this was my understanding, thought maybe the tax guy knew something I didn't. So I could not pay tax for a year give or take and only use that extra money in my pay for paying off debt. Once the credit was used up I start paying tax appropriate to my income. You'd have to definitely stay on top of everything to make sure you didn't end up owing..thank you for the info!!!

 

No worries! - for most of us it is actually over two tax cycles we don't pay tax - since we start residency in July our first years income is actually pretty small (say around 25K) so not much tax with the personal exception and the low marginal rate in that category. The following year we get hit though as a full year which absorbs most of the credit. Still there is a bit left over still for the year after as well for most. If you are a family doctor to be (which statistically is close to 50% of the class) you don't really pay any tax during residency at all.

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Ah, trying to decide what to do if I don't get in anywhere this year. I can apply to graduate next fall after completing the last two courses I need to qualify for a dietetic internship, or I can do another full year of studies.

 

Decisions, decisions... All my dietetics profs tell me to try to find a job for those 4-6 months instead of doing another semester, but I'm really torn. I like school - there are so many courses I still want to take, and I don't know if I'd actually find anything worthwhile to do for those 4-6 months or so. But I also know earning some morning for those months would be nice, and the year-long internships are completely unpaid, and you actually have to pay *them* to work (as it is considered education).

 

Of course, these musings may all be moot! ;) But I do like to have backup plans in place.

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Went to book an MCAT seat. Apparently you have to pay the whole thing up front. Didn't know that. I'll be booking after our tax refund comes in sometime in the next few weeks.

 

Oh the dreaded MCAT, good luck! have you done any practice tests? Do you have to travel for it?

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