Resident Tax Question

[someoneelse]

Quick question regarding filling out our tax forms. On the TD1, do we count as full-time or partime students students? Or do we leave that section blank?

 

"

4. Tuition and education amounts (full time and part time) – If you are a student enrolled at a university, college, or educational institution certified by Employment and Social Development Canada, and you will pay more than $100 per institution in tuition fees, fill in this section. If you are enrolled full time, or if you have a mental or physical disability and are enrolled part time, enter the total of the tuition fees you will pay, plus $539 for each month that you will be enrolled. If you are enrolled part time and do not have a mental or physical disability, enter the total of the tuition fees you will pay, plus $161 for each month that you will be enrolled part time. "

 

 

 

[FeministKilljoy]

Do you have a T22 that you could refer to?

[someoneelse]

I do have one, as I'm an incoming resident for this year so I'm unsure if we continue to qualify for it or not. Thanks though!

[FeministKilljoy]

you should. my husband is a fellow and still receives a T22

[someoneelse]

Perfect, I'll fill out my TD1 with that information then.

 

Thank you

[ellorie]

Yeah, your T2202A will have your "full time months" and "part time months" listed.  Mine was all full time.

[jnuts]

Full time at Mac.

[rmorelan]

Full time at Mac.

 

full time everywhere as I understand it

[ACHQ]

Quick question,

 

I always assumed with tuition and education tax credits that it equals the amount of tuition paid, is this correct? If not how much of a % is it?

 

I ask because I'm looking at my tuition tax credits and it is significantly less than my total tuition paid, and I have filed taxes every year and finished paying tuition in 2015...

[rmorelan]

Quick question,

 

I always assumed with tuition and education tax credits that it equals the amount of tuition paid, is this correct? If not how much of a % is it?

 

I ask because I'm looking at my tuition tax credits and it is significantly less than my total tuition paid, and I have filed taxes every year and finished paying tuition in 2015...

 

the tax credit - not the amount you get back - will be the tuition plus the textbook/housing amounts for all the years etc. 

 

You do get though roughly 20-25% back in actual money from all of that though when you work through the math (exactly rate depends on the province you are in a little bit).

[ACHQ]

the tax credit - not the amount you get back - will be the tuition plus the textbook/housing amounts for all the years etc. 

 

You do get though roughly 20-25% back in actual money from all of that though when you work through the math (exactly rate depends on the province you are in a little bit).

Thanks. They should appear right away as that amount right if you filed your taxes properly? If for example one year it wasn't filed properly can it get adjusted? Can that only be done in the next year?

[HBP]

Thanks. They should appear right away as that amount right if you filed your taxes properly? If for example one year it wasn't filed properly can it get adjusted? Can that only be done in the next year?

You can go back and adjust your old returns.  Pretty easy to do if you have a CRA online account.

You can also check your carryover amounts.  It's possible you were transferring your tuition credits to your parents/spouse etc. if you weren't filling out your own tax returns.  Also if you were earning taxable income, your credits would be used to offset the tax payable. But definitely make sure you filed the correct tuition paid, and full-time/part-time months for the textbook/education tax credit.