Student Tax Credit


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ritz3645   
Member since: Sep 08
Posts: 220
Location:

Post ID: #PID Posted on: 20-02-10 00:08:49

I have approx 15, 000 student Tax credit (federal and Ontario).

Wondering how can i cash it, as this year my total T4/T1 tax deduction have hardly been anything.

I understand that i can transfer it to my blood relatives only but do not have any in Canada.

Can someone suggest a way to cash it for mutual benefit, Like a business who does a transaction with me only on Books and both can benifit.



sudesingh   
Member since: Jul 04
Posts: 2085
Location: Toronto

Post ID: #PID Posted on: 20-02-10 00:55:50

IF you are referring to the tax credits which you have 'cause of your tution fees, those cannot be cashed. However they will stay in your account and can be utilized for future years when you star making more $$

Quote:

Can someone suggest a way to cash it for mutual benefit, Like a business who does a transaction with me only on Books and both can benifit.



Something like that is not legal, and I'd suggest you don't get into those things. Sooner or later you will get the benefit, once you start earning


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SS
Reiki Grand Master


sudesingh   
Member since: Jul 04
Posts: 2085
Location: Toronto

Post ID: #PID Posted on: 20-02-10 00:57:57

IF you are referring to the tax credits which you have 'cause of your tution fees, those cannot be cashed. However they will stay in your account and can be utilized for future years when you star making more $$

Quote:

Can someone suggest a way to cash it for mutual benefit, Like a business who does a transaction with me only on Books and both can benifit.



Something like that is not legal, and I'd suggest you don't get into those things. Sooner or later you will get the benefit, once you start earning


-----------------------------------------------------------------
SS
Reiki Grand Master


ritz3645   
Member since: Sep 08
Posts: 220
Location:

Post ID: #PID Posted on: 20-02-10 01:23:25

Sir, been here one year in the workforce, and its difficult to make money, hence wondering what do i do with the tax credits



ftfl   
Member since: Jul 06
Posts: 2335
Location:

Post ID: #PID Posted on: 20-02-10 01:40:15

Quote:
Originally posted by ritz3645

Sir, been here one year in the workforce, and its difficult to make money, hence wondering what do i do with the tax credits



__________________________________________________

He has said it twice....

Hang in there. It will come handy when you start making BIG BUCKS. Then utilize it to make big deductions.

Freddie.



ritz3645   
Member since: Sep 08
Posts: 220
Location:

Post ID: #PID Posted on: 20-02-10 02:29:53

I am planing to relocate (leave) and was making minimum wages as a contractor,

so hardly anything to claim, and making big bucks seems to be distant dream,

Will be thankful if some can assist,




ritz3645   
Member since: Sep 08
Posts: 220
Location:

Post ID: #PID Posted on: 20-02-10 02:39:33

The person for whom i was working as a contractor would also make deductions of Mandatory holidays from the minimum Wage ...eg (Thanksgiving/New year etc)

Hence to a degree my conscious does not bother about legality






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