Education Reimbursement/Taxes...
- Thread starter chrisf
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Hi!
I know that every year I declare the amount that is written on the taxes documents that the University provides.
Now what if my parents or my employer or a bursary paid for it... not sure what to do... does it change anything?
If the CF paid for your tuition... was it a bursary?
There might be somewhere else you have to insert a bursary amount, but still declare the whole amount of tuition that had to be paid.
Good question
I know that every year I declare the amount that is written on the taxes documents that the University provides.
Now what if my parents or my employer or a bursary paid for it... not sure what to do... does it change anything?
If the CF paid for your tuition... was it a bursary?
There might be somewhere else you have to insert a bursary amount, but still declare the whole amount of tuition that had to be paid.
Good question
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According to my book,
"other income includes retirement income from corporate pension and (...) and other education related payments in excess of 3000$"
don't know if that helps...
"other income includes retirement income from corporate pension and (...) and other education related payments in excess of 3000$"
don't know if that helps...
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http://www.cra-arc.gc.ca/E/pub/tg/5000-g/5000g-07e.pdf
(see page 41 at top left) of the link.
if the fees were paid or reimbursed by your employer...
(see page 41 at top left) of the link.
if the fees were paid or reimbursed by your employer...
Yes, it affects your tax return.
It's a benefit of employment so it might be taxable, for one. If so, DND should be issuing you your T4 with a notation (one of the boxes) that includes the benefit of employment.
It's not a bursary/scholarship which are treated differently for tax purposes (they're not taxed, but benefits of employment generally are).
If there's nothing on your T4 as a benefit of employment then you should be deducting the amount you received from the CF from the amount you tell the tax man that you paid for education. This is because you shouldn't be allowed to claim a tax credit for an amount YOU didn't actually pay.
It's a bit confusing because when you get issued your T2202A or whateverthenumber it just says the amount you paid for tuition...not who paid it. And if on the T4 it doesn't include the benefit, and DND doesn't issue you anything else (they really should but I don't know what number it would be) then how are you really supposed to know what to do?
Sadly the CRA isn't at all tolerant of ignorance in failure to properly file your taxes, so.... if in doubt, contact the education reimbursement coordinator. I think the Pacific region one is Helen Bates at CFB Naden. She's very helpful.
WWPD
It's a benefit of employment so it might be taxable, for one. If so, DND should be issuing you your T4 with a notation (one of the boxes) that includes the benefit of employment.
It's not a bursary/scholarship which are treated differently for tax purposes (they're not taxed, but benefits of employment generally are).
If there's nothing on your T4 as a benefit of employment then you should be deducting the amount you received from the CF from the amount you tell the tax man that you paid for education. This is because you shouldn't be allowed to claim a tax credit for an amount YOU didn't actually pay.
It's a bit confusing because when you get issued your T2202A or whateverthenumber it just says the amount you paid for tuition...not who paid it. And if on the T4 it doesn't include the benefit, and DND doesn't issue you anything else (they really should but I don't know what number it would be) then how are you really supposed to know what to do?
Sadly the CRA isn't at all tolerant of ignorance in failure to properly file your taxes, so.... if in doubt, contact the education reimbursement coordinator. I think the Pacific region one is Helen Bates at CFB Naden. She's very helpful.
WWPD
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FWIW, a friend of mine who did ROTP Civ-U claimed the full amount of his tuition from his T2202A for several years and was audited a couple of years later and wound up having to pay a lot of money back. With the penalties and interest it was far more than he'd received back as refunds.
ballz
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I'm looking at my T4 right now and there is nothing listed as "Benefit of Employment" (I'm ROTP btw).
My current plan is to just claim my Winter 07/08 semester's tuition amount on my taxes (I was not ROTP then, I paid that out of my own pocket), and to not bother with the amount from the Fall 08/09 since that was paid for. My T2202A says that amount on it, so I guess I'll attach a sticky note saying "Fall 08/09 tuition reimbursed by CF." Worst-case Ontario the tax man will ask further questions?
My current plan is to just claim my Winter 07/08 semester's tuition amount on my taxes (I was not ROTP then, I paid that out of my own pocket), and to not bother with the amount from the Fall 08/09 since that was paid for. My T2202A says that amount on it, so I guess I'll attach a sticky note saying "Fall 08/09 tuition reimbursed by CF." Worst-case Ontario the tax man will ask further questions?
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