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Fri, Sep 12th, 2008, 11:00 AM #1
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Yesterday, my prof was telling us about how students enrolled in a post-secondary school can receive $65 a month textbook tax credit. Does anyone know how this works, and what you need to do to be considered for it?
I found another thing, relating to full time students recieving money back..here's an excerpt from the website:
Full-time Students
Full-time students may claim a federal credit of 15 per cent of their eligible tuition fees, plus an education credit of 15 per cent of $400 per month in 2008. The equivalent Ontario provincial credit is indexed; students may claim a monthly credit of up to 6.05 per cent of $468 (the indexed amount is determined annually and can be found on the Ontario TD1 form).
Link:
http://www.cga-ontario.org/contentfiles/post_secondary/taxtips.aspx
Is there anyone who can explain this to me? Because it sounds like gibberishThis thread is currently associated with: N/A
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Fri, Sep 12th, 2008, 11:08 AM #2
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I have not heard of this...but I sure am gonna check it out.....I am in school full time to...will let you know.....please do the same for me.....thanks
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Fri, Sep 12th, 2008, 02:56 PM #3
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I'll try, but I have no idea who I'll be asking
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Fri, Sep 12th, 2008, 03:42 PM #4
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it looks like it for income tax time......all tax credits......
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Fri, Sep 12th, 2008, 03:57 PM #5
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You don't have to do anything now. Theses are 'automatic' credits when you complete your Federal Tax Return for next April.
You will get an official tax receipt from your educational institution stating how much tuition you paid, confirming you were in fact enrolled in a school.
Chances are you will have to print this off yourself from your online student account. The university will make this available to you in 2009.
All 'credits' are calculated on your return. The credits are not available as cash. You do not need to save your book receipts.
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Fri, Sep 12th, 2008, 04:22 PM #6
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So how would the credits be used?
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Sun, Sep 14th, 2008, 12:41 AM #7
If you have any taxable income for which there is an amount owing, you would use these credits to bring them down to zero (up until the available amount). If there are any credits remaining, you can transfer them to your parents, up to $5000. Any amount remaining after that can be carried forward to the next tax year.
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Wed, Sep 17th, 2008, 11:38 AM #8
This is what it says in my student guide book:
The T2202a Education Credit forms are available trough Aurora Student by the end of February each year to everyone registered in credit courses during the previous calendar year. The information contained includes the total claimable fees you paid for the previous calendar year and the number of months for which you are able to claim the Education Deduction. The calculations are prescribed by Revenue Canada's rule.
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