Death and ......

[monika]

Come tax time, about half of your tuition can be deducted, since the reimbursement was taxable in the first place though, I figure it works out.

I'm not sure if this is on a sliding scale according to income.

Number cruncher semantics - it is not an actual deduction from your taxable income but a tax credit(% of tuition paid is credited against your tax owing.)

It has nothing to do with income.

 

[1feral1]

Mate, buy a rifle with that refund or at least an accessory for your favourite firearm!


Cheers and beers,


Wes

PS - the FY in Austrlia is 01 jul to 30 Jun every yr.

 

[Glorified Ape]

Yes and no.

The army reimburses my tuition (and associated costs, books etc), as a taxable benefit, I pay for it up front. So technically, I am paying my own tuition. As an additional caveat, I must pass the course in question in order to be re - imbursed. At about 125$/credit hour, that's even more incentive!!

Come tax time, about half of your tuition can be deducted, since the reimbursement was taxable in the first place though, I figure it works out.

I'm not sure if this is on a sliding scale according to income.

Ugh... I wish I could claim my tuition - my refund would have been about 600 or 700 dollars more if I had, but claiming it would have been fraudulent under the program I'm in.

 

[larry Strong]

If your spouse does not work..split the income with him/her and screw the Govt out of some more tax money. It's all legal.

 

[monika]

If your spouse does not work..split the income with him/her and screw the Govt out of some more tax money. It's all legal.

That only works to a point. You cannot take your employment income and split it. You can split investment income. Now if you and your spouse own a business then you have far more leeway with income splitting, but you still have to prove the spouse earned the income by working. I speak from experience on that one.

 

[Hot Lips]

$2600 here and yes yes...I spent some of that on my long-term boyfriend...goes both ways guys, lol

HL

 

[larry Strong]

That only works to a point. You cannot take your employment income and split it. You can split investment income. Now if you and your spouse own a business then you have far more leeway with income splitting, but you still have to prove the spouse earned the income by working. I speak from experience on that one.

Damn, false info again.

 

[monika]

False info? As in my info is false? Heck, I'm not a tax genius but if there is somemthing in the tax laws that states you can indeed split your employment income, I'd love to know

AFAIK, (hope that counts as abbr. and not MSN) investment income, farm income can be split. One of my sister's owns a small farm with her husband. He works full time elsewhere so all the farm income and non-registered investment income goes in her name.

I recall years ago if you married your total household income for tax purposes was calculated from the date you married, which is why late year marriages were so popular. Now and for many years the household income is based on the T4s regardless of when you married.

 

[larry Strong]

Hi Thanks for that. Not your info, my info.

 

[392]

...392 should have enough left over for his Army.ca subscription.

Sorry man. Used that bit to pay off Mrs. 392's car.....

It was a nice little chunk of change for the day or so it was in the bank :'(

 

[Haggis]

I think I'll buy a bike....

<wife differs>

... well, maybe redo the bathroom instead. <sigh>  :'(

Since you're in Edmonton, the bathroom would be the better choice.  You can sit on that year-round.  ;D