Even if you repay the tax return for the first time, you probably have an idea about the process. This includes the various forms you must present, the loans you can use, and the common tax terminology. But what do all these numbers, letters and acronyms mean?
If you do not know T2202a of T4, this message is for you. We break the keywords you need to know before you lower this tax season. You will soon be fully aware of the tax terminology!
In this form, you will find the total tuition fees you paid (Box A), as well as the months in which you were enrolled in either part-time (Box B) or full working day (Box C) in tax year. You will need the following information:
If you made a charitable contribution through your school last year, you can also see this amount on your T2202A. If you have more than one T2202A certificate, you can claim all amounts that are greater than $100. However, if you enroll in various educational institutions as a complete and incomplete student with a month of your registration, you cannot claim the sum twice. You can request only one quantity per month or the amount, in whole or in part
As in T2202A, they certify your enrollment in the educational program and tuition fees. The difference is that they apply to different institutions. While T2202A is issued by Canadian colleges, universities and educational institutions, TL11 forms are applied to the following people:
If you are a parent or under the age of 18, you must take note of this credit. The Canadian Child Benefit (CCB) is a non-delayed monthly payment that is made for allowable families. This helps them in the cost of raising children under the age of 18. The CCB may include
The Canadian Revenue Agency (CRA) uses information from your income tax and profits to calculate how much your CCB payments will be. To get a CCB, you must return a file every year, even if you don't make money this year. If you have a spouse or partner in civil law, they are also required to return the file every year
Payments are paid in the 12-month period from July of one year until June of the following year. And if your information changes occur within a year, the CRA will recalto your profit a month after the change
The Employment Insurance (EI) program provides temporary income for unemployed workers so that they can support them while searching for new jobs or upgrading their skills. The EI program also provides special benefits to employees who take time leave because of specific life events, such as illness, pregnancy or newborn care. Yes, I do
Note that you can only benefit from the benefits of EI if you have paid insurance premiums over the last year and satisfy certain conditions. Students may be eligible for EI, but you will need
Do you know what tax you pay for almost everything you buy? Do you know that you can get this information? The goods and services tax/harmonized turnover tax (GST/HST) is a non-vaginal quarterly payment that helps individuals and families with weak and moderate income to pay in whole or in part. It may also include payments
You are generally entitled to this credit if you consider the Canadian income tax resident a month earlier and at the beginning of the month in which the Canadian Revenue Agency pays. You must also do one of the following:
Qualifications, you can get up to $433 if you are single, $568 if you are married or live common-law and $149 for every child under the age of 19. See? An understanding of the tax terminology can be paid!
If you've heard at least one thing on this list, maybe it is
In general, most taxable income, benefits, deductions and pension contributions in the form. While some forms have minimal values, others can be loaded with information. Field 14 (line 101) is probably the most important section since it contains information on employment income. These include wages, salaries, commissions, bonuses, holiday pay and other positions. This section provides an overview of the T4 form
So now we're breaking up the tax terminology. You know the most important tax forms, credits and benefits and what they mean. What do you want to do with this information? Well, you can download some tax software and get cracks, or you could let a professional. As a student, you can access the H&R Block file for $39.99, plus the registration fee. Knowledge is power, and when you add to a mix of tax experts in the H&R Block, you will receive your tax return in due time
Aren't you glad you've been studying all this tax terminology?
* Views expressed in respect of the author, and not necessarily for the "Student life" or their partners
Jasmine Williams is the author of Torontoon-based materials, she has a master's degree in media products from the University of Ryerson and a bachelor's degree in journalism from Carlton University