If I would spending CAD$9000 on tution fees for 2006 (which will be reimbursed by the company when I submit the receipt in Dec 2006) how much would I receive roughly in income tax refund in 2007 if I am in the 65 K income tax bracket (65k) .
I have not signed for any RRSP or anything else at this time.
Please advise.
Jack109
Quote:
Orginally posted by Jack109
If I would spending CAD$9000 on tution fees for 2006 (which will be reimbursed by the company when I submit the receipt in Dec 2006) how much would I receive roughly in income tax refund in 2007 if I am in the 65 K income tax bracket (65k) .
I have not signed for any RRSP or anything else at this time.
Please advise.
Jack109
If you're reimbursed by the company you cannot claim the tution fees in your tax return.
I have my wife sitting besides me and she's a tax consultant.
-----------------------------------------------------------------
SS
Reiki Grand Master
Quote:
Orginally posted by sudesingh
Quote:
Orginally posted by Jack109
If I would spending CAD$9000 on tution fees for 2006 (which will be reimbursed by the company when I submit the receipt in Dec 2006) how much would I receive roughly in income tax refund in 2007 if I am in the 65 K income tax bracket (65k) .
I have not signed for any RRSP or anything else at this time.
Please advise.
Jack109
If you're reimbursed by the company you cannot claim the tution fees in your tax return.
I have my wife sitting besides me and she's a tax consultant.
Mr. Singh,
I also had this doubt and had to look to CRA's website and here is what it states............
-------------------------------------------------------------------
Eligible tuition fees
Generally, a course qualifies if it was taken at the post-secondary level or (for individuals aged 16 or over at the end of the year) it develops or improves skills in an occupation and the educational institution has been certified by Human Resources and Skills Development Canada. In addition, you must have taken the course in 2005.
Not all fees can be claimed. More than $100 for the year must have been paid to each educational institution whose fees you claim. In addition, you cannot claim other expenses, such as books, board and lodging, or students' association fees.
If the fees were paid or reimbursed by your employer, or an employer of one of your parents, you can claim them only if the payment or reimbursement was included in your or your parent's income
----------------------------------------------------------------------
Hence, Jack can claim the tution fee provided his employer adds this amount in his income as perquisite etc.
So he should look for his T4 next year and if the amount is added in other income then he should be ok in claiming the education amount.
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Mr Chopra & Mr Sudesh Singh ,
Thank you so much for your replies.
Really appreciate it.
Cheers,
Jack109
Because of difference in opinion among tax consultant. I want to ask tax consultants on CD. What percentage of risk is involved while manipulating tax return to maximize the rebate or cash return from CRA. I see some smart people getting more cash back because they are manipulating the tax return by showing expenses like babysitting etc by way of their tax consultant advise. Money received from CRA is shared among person filling, consultant and person who takes income on their head.
It is smart tactic or stupidity?
-----------------------------------------------------------------
Check for pervert's database here http://www.perverted-justice.com
Location: God's own country
Posted on: 03-03-06 01:45:11
Hello!
I am not a tax consultant but my view is this :
The CRA never checks for anything within a reasonable limitwhen application is filed online.
For eg. if your salary is around $30K a year and you put$1500 on donations $5000 on child care etc.., the CRA will not check. But if the amount is huge when compared to your salary, then it will arouse suspecion and they will ask for receipts. I have never personally tried to go around the system.
TK
Side note : I would recommend people to file through a Canadian CA. He will charge around $300 per individual filing but he will get you the max. returns. He is the only ones who knows all the CRA refund rules, All laws and all loopholes.
-----------------------------------------------------------------
I am a Gents and not a Ladies.
Quote:
Orginally posted by tamilkuravan
Hello!
I am not a tax consultant but my view is this :
The CRA never checks for anything within a reasonable limitwhen application is filed online.
For eg. if your salary is around $30K a year and you put$1500 on donations $5000 on child care etc.., the CRA will not check. But if the amount is huge when compared to your salary, then it will arouse suspecion and they will ask for receipts. I have never personally tried to go around the system.
TK
Side note : I would recommend people to file through a Canadian CA. He will charge around $300 per individual filing but he will get you the max. returns. He is the only ones who knows all the CRA refund rules, All laws and all loopholes.
My question is, % RISK involved that is stopping you from trying to get more money from CRA?
-----------------------------------------------------------------
Check for pervert's database here http://www.perverted-justice.com
