Students

12 months co-op Estimate Tax Refund

  • Last Updated:
  • Sep 6th, 2018 8:24 pm
[OP]
Newbie
Sep 3, 2018
3 posts

12 months co-op Estimate Tax Refund

I'm a student in BC and doing co-op 12 months Jan-Dec
My total Gross income would be about $34000
I would have paid 6000 in taxes by December

Online calculator tells me I will only get about $2000 tax refund :(
Is that true? How do I maximize it?
2 replies
Sr. Member
User avatar
May 19, 2015
567 posts
186 upvotes
I believe you can use tuition credits to get more but yes you're basically making minimum wage full time so you will get taxed. Being a coop or a student doesn't excuse your income level and the tax that comes with it.

Also might be better to post in personal finance where more tax knowledgable people can comment. I don't know the full details about applying tuition credits just that its doable to get a bigger refund
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Newbie
Jun 23, 2012
28 posts
7 upvotes
BRAMPTON
What does the online calculator ask you? The max refund you are able to get is the entirety of the income taxes which were withheld from your paycheck. So if you have an idea of what that is, that is the max. But your ability to make this happen depends on what credits you are able to apply. If this is your first co-op and you have not used your tuition credits in the past, I imagine you will be able to get close to or all of the $6000 back. This is also assuming you have carryforwards from when tuition credits were in legislation. If you don't have much tuition carry-forwards, unfortunately you have received your first taste of our tax system.

Just make sure to claim all credits you are able to:
- Moving expenses (moving to/from university counts)
- Donations
- Medical

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