HomeMy WebLinkAboutThe Citizen, 2016-02-04, Page 12PAGE 12.THE CITIZEN, THURSDAY, FEBRUARY 4, 2016.
FINANCIAL 2016
Tax tips for students looping to save money
Taking the easy way
There are a number of ways students can ease the pain at
tax time, whether it be through student -specific credits or
through the Canada Revenue Agency's online account
option. (NC photo)
NC — Post -secondary school can
be overwhelming. While coffee may
seem like the solution to any
problem, putting a little money back
in your pocket with tax savings
might be the better answer.
Even if you have no income to
report, you can still take advantage
of several credits and benefits. Here
are a few tips to help you:
• File your tax return: To take
advantage of all of the tax credits
Wills are essential
for all Canadians
NC — Making a will is a sensible
and worthwhile task that everyone,
whatever their age or financial
status, should do. However there are
some special reasons why women
should make a will of their own:
• Women usually live longer than
their husbands, so it's a good idea to
each have their own will.
• Planning for children or other
dependants is something that women
usually want to pay special attention
to.
• Taxes and legal concerns
(especially if there was a previous
marriage or other dependants)
should be looked at.
• Many women will want to make
special arrangements for the
distribution of family heirlooms,
jewellery, items of historical or
sentimental value and their property.
• You may wish to support
charities and organizations that you
supported during your lifetime.
With a properly prepared will, you
can ensure that:
• Property will be distributed
exactly as you would have wished
• You can name your own executor
to administer your estate
• Guardians of children will be
named in the way you want
• Personal items such as jewellery
and antiques will be handled the way
you intend
• Individuals, your church, health
charities and organizations like
Amnesty International will receive
the support you had always intended
for them.
So, how do you start? If you do not
have a will, now is the time to
Continued on page 13
Brian E. Wightman
Chartered Professional Accountant
Certified General Accountant
• Personal & Corporate Tax
• Accounting & Bookkeeping
• Agricultural Services
Seaforth
519-527-1331
Email: wightman@bellnet.ca
and benefits available, you have to
file your income tax and benefit
return with the Canada Revenue
Agency (CRA).
Why not file it online? It's fast,
easy and secure. There's also a wide
range of software programs you can
use, including some that are free.
More information is available at
www.cra.gc.ca/getready.
You can also register for My
Account, the CRA's secure one-stop
shop for managing your tax and
benefit information. With My
Account, you can also register for
online mail and receive
correspondence like your notice of
assessment online.
• Claim your tax credits: Most
tuition paid to a post -secondary
institution in Canada can be claimed.
For tuition fees, the education
amount and the textbook amount,
you might also be able to transfer or
carry forward any unused credits.
For the 2015 tax -filing season you
can claim $400 for each month you
were enrolled in eligible full-time
studies and $120 for each month you
were enrolled in eligible part-time
studies.
If you're eligible for the education
amount for 2015, you can claim this
too: $65 for each month enrolled in
full-time studies and $20 for each
month enrolled in part-time
studies.
Generally speaking, you can claim
the amount you spent on a monthly
or annual public transit pass, but not
on tickets or daily passes.
You can get payments of up to $70
every three months to help keep on
top of your expenses. To receive the
GST/HST credit, you have to be 19
years old (unless you're a parent or
married or living common-law) and
file an income tax and benefit return.
More information for students
is available online at
www.cra.gc.ca/students.
DONALD A ANDREW
ACCOUNTING
Accounting & Income Tax Services for
FARMS, BUSINESSES & INDIVIDUALS
296 Ross St., Lucknow
Ph. 519-528-3019
dandrew@ hurontel.on.ca
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