Student Tax Return Question

[lilVC]

Last year I did co-op for one term (4months) and got a tax return for relatively close to a 100%. This term I have had two co-op terms (8months total) and will be making over $20,000 this year due to co-op. With that being said, do I still get a full 100% on my tax return since I'm a student because I had a friend who made over $20,000 and did not get a full 100% back...Any info on this would be greatly appreciated. Thanks!

[mbk.2k3]

i have no idea what the details are, but this is what the results are:

4 months co-op, 8 months study = full refund
8 months co-op, 4 months study = partial refund

*12 months from Jan to Dec.

i fall in the first category this year. i just filled out my forms stating that i dont want taxes deducted, so im keeping all my money. :)

[tommy123]

Your best friend: http://www.taxtips.ca/calculators/taxcalculator.htm

By any chance do you have any unused tuition amounts from the previous year or did you transfer that to your parents?

Regardless. 20k-23k of income is still pretty low with respect to taxable income. For example, if your tuition+fees for those four months will be around $3500 and you have no other tax credits to claim, you will have to pay anywhere from $350 to $750 in taxes. So assuming your taxes owed are 500$, any deductions for taxes beyond $500 that you employer takes off your paycheck will be refunded back to you.

[CSR]

it also depends when your co op terms are... because the academic year is different than the calender year.

If you do your 8months Sept-Dec, then Dec-April.... it will fall under 2 years, and you're in luck.

Also invest in a RRSP to lower your taxable income!

[lilVC]

Thanks for all the replies. I've been working from Jan-April and now Sept-Dec.

Would there be anyway I can get the full amount somehow? I've read post#1 had to sign a few papers to have taxes return to him instead. I have not reached the 20k mark just yet but will be soon, perhaps if I sign those papers (where can I find them?) now and prevent anymore taxes being deducted on my pay cheque but instead being returned to me...Can I do that?

[Sammmy]

If you have no tax credits, any income above 9xxx will be taxable. But since you are in university, you will get tax credit on tuition, TTC metro passes ect.

The form they are referring to is to indicate that your income for the year minus some credits is less than the 9xxx mark. If you qualify, then they won't deduct your taxes on your pay cheque.

I've filled one out on my last workterm, and they duducted it anyway... Since I work for a large company, i did not feel like going through all the red tapes/deal with HR. Since I know I'll get a tax return at the end of the year.