Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

16
Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

Transcript of Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

Page 1: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

Income Tax Clinic

Lynn Bennett, BComm, PMP

GD Finance, GC Financial Planning

Page 2: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

Scholarships and Student Aid Officewww.mcgill.ca/studentaid/

Offers advice on financial matters including

Budgeting

Debt management

Loan repayment

Administers 13 government aid programs

Help students determining their government aid jurisdiction

Administers University need-based programs

Page 3: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

Frugal Scholar Money Management Pgm

Created for student by students

Promote mindful spending habits

Special events and workshops in the fall and winter

Page 4: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

TAX TIP – Guides Available!

2015 Income Tax Guides & Forms, available free at:

POST OFFICES – CANADA (CRA)

DESJARDINS BANK – QUEBEC (Revenu Quebec)

Online - CRA.GC.CA & RevenuQuebec.qc.ca

Online & Telephone Support:

CRA http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/menu-eng.html

Revenu Québec http://www.revenuquebec.ca/en/nous_joindre/

Page 5: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

TAX TIP – International Students

International Students http://www.cra-arc.gc.ca/internationalstudents/

Are you an international student in Canada?http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/ntl-eng.html

Determining Residence StatusCA Resident? http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s5/f1/s5-f1-c1-eng.htmlQC Resident?http://www.revenuquebec.ca/en/citoyen/situation/nouvel-arrivant/ce-qu-il-faut-savoir/resident-et-liens.aspx

Ask the CRA !Submit an NR4 form for an opinion on your residency statushttp://www.cra-arc.gc.ca/E/pbg/tf/nr74/nr74-12e.pdf

Page 6: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

Tax Filing, Step-by-Step

Confirm if QUEBEC RESIDENT

Collect your tax documents (Employment,tuition, medical, banking, public transit, etc.)

Determine Income

Subtract Deductions

Calculate Taxes Payable

Subtract Credits

Result $$$: Refund or Pay ?

Submit Tax Return to CRA & Revenu QC

Receive Tax Assessments from CRA & Revenu QC

Page 7: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

TAX TIP – Out of Province Students

Quebec Resident for Tax Purposes ?http://www.revenuquebec.ca/en/citoyen/situation/nouvel-arrivant/ce-qu-il-faut-savoir/resident-et-liens.aspx

Are you a new resident?

http://www.revenuquebec.ca/en/citoyen/situation/nouvel-arrivant/ce-qu-il-faut-savoir/etes-vous-un-nouvel-arrivant.aspx

Page 8: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

Income, Deduction, Credit

Income – money you received from varioussources, including foreign

Deduction – an amount you can subtract fromIncome, to calculate Taxable Income

Taxes Payable = Taxable Income x Tax Rate

Credit - an amount you can subtract fromTaxes Payable, to calculate Refund or Pay

Page 9: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

Non-Refundable Tax CreditsFor Students

Tuition

Education

Textbook amounts

- Transferable to 1 of:Parent / Grandparent / Spouse

OR

- Carry forward to FUTURE tax year withtax payable

Page 10: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

Non-Refundable Tax CreditsFor Students

Student Loan Interest paid

- Carry forward for 5 years- Only student can claim this credit

Page 11: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

Tax Software – some are Free!

U-FILE http://www.ufile.ca/tips-and-tools/file-for-free

TURBO-TAX https://turbotax.community.intuit.ca/questions/1190102-can-i-

file-for-free-using-turbotax

H & R BLOCK https://www.hrblock.ca/online-tax-software/product-

comparison/

Federal Govt Netfile compatible http://www.cra-arc.gc.ca/esrvc-

srvce/tx/ndvdls/netfile-impotnet/crtfdsftwr/menu-eng.html

Page 12: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

CRA FAQ http://www.cra-arc.gc.ca/tx/ndvdls/fq/menu-eng.html

Income Tax and Benefit Guide 2015 - All ProvincesExcept Non-Residents http://www.cra-arc.gc.ca/E/pub/tg/5000-g/5000g-15e.pdf

Students and Income Tax 2015http://www.cra-arc.gc.ca/E/pub/tg/p105/p105-15e.pdf

Scholarships, fellowships, bursaries, study grants, &artists' project grants (awards) http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-

tx/rtrn/cmpltng/rprtng-ncm/lns101-170/130/schlrshp-eng.html

Scholarship Exemption – Part-time enrolment http://www.cra-

arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/130/prttmdctn-eng.html

RESPs http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/resp-reee/menu-eng.html

Page 13: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

International Students http://www.cra-arc.gc.ca/internationalstudents/

Are you an international student in Canada? http://www.cra-

arc.gc.ca/tx/nnrsdnts/ndvdls/ntl-eng.html

Determining Residence Status

CA Resident? http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s5/f1/s5-f1-c1-

eng.html

QC Resident? http://www.revenuquebec.ca/en/citoyen/situation/nouvel-

arrivant/ce-qu-il-faut-savoir/resident-et-liens.aspx

Ask the CRA !Submit an NR4 form for an opinion on your residency statushttp://www.cra-arc.gc.ca/E/pbg/tf/nr74/nr74-12e.pdf

Page 14: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

Do you have to file a return?http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/flng-blgtns/menu-eng.htmlhttp://www.cra-arc.gc.ca/E/pub/tg/5000-g/5000g-15e.pdf

Information slips - T4 and others http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/slps/menu-eng.html

Working Income Tax Benefit http://www.cra-

arc.gc.ca/bnfts/wtb/menu-eng.html

Canada Child Tax benefithttp://www.cra-arc.gc.ca/bnfts/cctb/menu-eng.html

Persons with DISABILITIEShttp://www.cra-arc.gc.ca/vdgllry/ndvdls/srs-txmsrs-pwd-lnks-eng.html

Page 15: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

QC FAQ http://www.revenuquebec.ca/en/faq/default.aspx

QC Income Tax Guidehttp://www.revenuquebec.ca/documents/en/formulaires/tp/2015-12/tp-1.g-v(2015-12).pdf

QC Resident? http://www.revenuquebec.ca/en/citoyen/situation/nouvel-arrivant/ce-qu-il-faut-savoir/resident-et-liens.aspx

Tuition Tax Credithttp://www.revenuquebec.ca/en/citoyen/declaration/produire/comment/aideligne/ligne398.aspx Schedule T

Solidarity credithttp://www.revenuquebec.ca/en/citoyen/declaration/produire/comment/aideligne/credit_impot_solidarite.aspx

Tax Credit List http://www.revenuquebec.ca/en/citoyen/credits/

Page 16: Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

TAX TIP – File your tax return!

“You must pay taxes. But there’s nolaw that says you gotta leave a tip.”

– Morgan Stanley advert


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