dave@lsuc.uucp (David Sherman) (04/12/88)
For those who weren't aware, the filing deadline for your
1987 income tax return has been extended to May 2, 1988.
This was done because April 30 falls on a Saturday. The
return must be postmarked by that day to avoid a penalty of
5% of the tax owing (plus interest on the amount owing, at 9%
compounded daily).
For all you procrastinators, some post offices (Terminal "A"
in Toronto specifically, I believe) stay open till midnight on
the deadline date so that you can get your return postmarked
in time.
Another change recently announced (by press release in March): the
definition of "full-time student" for purposes of the $50/month
education deduction will be extended slightly. It will now include
students taking 60% or more of a normal course load, rather than
a minimum of three or four full-time courses. This will allow,
for example, summer students taking a full load in the summer to
qualify for the exemption. According to the press release, "Because
the methods of organizing the academic year differ among educational
institutions across the country, tax treatment was not uniform."
This change is effective for the 1987 taxation year, so it affects
the return you have to file by May 2.
David Sherman
Income Tax Consultant
Toronto
--
{ uunet!mnetor pyramid!utai decvax!utcsri ihnp4!utzoo } !lsuc!davejohn@bby-bc.UUCP (john) (04/13/88)
but when will they ever raise the $50/month education deduction; it seems as if it has been $50 for a couple of decades.....
zaphod@deepthot.UUCP (millions of atoms of Lance) (04/13/88)
In article <1988Apr12.150823.24450@lsuc.uucp> dave@lsuc.UUCP writes: > >For all you procrastinators, some post offices (Terminal "A" >in Toronto specifically, I believe) stay open till midnight on >the deadline date so that you can get your return postmarked >in time. In London and area, the downtown post office of London also follows the same midnight policy on deadline day. >Another change recently announced (by press release in March): the >definition of "full-time student" for purposes of the $50/month >education deduction will be extended slightly. It will now include >students taking 60% or more of a normal course load, rather than >a minimum of three or four full-time courses. I was shocked when the University gave me a T2202a. I am a part-time grad student [somewhat] working on my thesis, while not at my full time job. As I am a THESIS student, I get to claim my $50 per month (ie $600) from my Net income even thought I am only part-time! Please correct me if i'm wrong Dave. -- humbly yours, Lance Bailey UWO, Dept. of Comp. Science | Robarts Research Institute Graduate Studies | Clinical Trials Resources Group London, Canada | PO Box 5015, 100 Perth Dr. N6A 5B7 | London, Canada, N6A 5K8 lrb@rri9000.UWO.CDN -or- zaphod@deepthot.uucp
howard@gpu.utcs.toronto.edu (Howard Lem) (04/14/88)
BTW - Many of the District Tax Offices have a drop box for the returns.
Why let CanPost lose your refund :-) Besides you don't need a stamp!
I know there's one @ the entrance to the building of the Toronto office
on Adelaide St. For the last few years, I've dropped mine on my way to work.
--
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Canada Post: Howard Lem - University of Toronto Computing Services
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11 King's College Rd.
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Telephone: (416) - 978 - 4310 {work}
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Email: < ihnp4!csri.toronto.edu > !gpu.utcs!howard OR howard@gpu.utcs.uucp
\ seismo!ai.toronto.edu /dave@lsuc.uucp (David Sherman) (04/15/88)
In article <274@bby-bc.UUCP> john@bby-bc.UUCP (john) writes: > >but when will they ever raise the $50/month education deduction; it seems >as if it has been $50 for a couple of decades..... It has. Under Tax Reform, effective for the 1988 year it will be a $10 per month credit. When combined with the provincial reduction in tax resulting from lower federal tax, this will make it worth about $15 (depending on the province) for each month in which you are a full-time student. For low-income students, this is a fair bit better than a $50 deduction. David Sherman -- { uunet!mnetor pyramid!utai decvax!utcsri ihnp4!utzoo } !lsuc!dave
dave@onfcanim.UUCP (Dave Martindale) (04/15/88)
In article <1988Apr14.110859.8991@gpu.utcs.toronto.edu> howard@gpu.utcs.UUCP (Howard Lem) writes: > >BTW - Many of the District Tax Offices have a drop box for the returns. >Why let CanPost lose your refund :-) Besides you don't need a stamp! One year, the district office lost my return - and it was when I was still a student and they owed me money. On the other hand, Canada Post managed to lose a telescope eyepiece somewhere between Toronto and here in the last month, though a package mailed from the same place to the same place a week earlier arrived. So, flip a coin and take your chances...
john@bby-bc.UUCP (john) (04/16/88)
In article <1988Apr14.130750.12263@lsuc.uucp>, dave@lsuc.uucp (David Sherman) writes: > >but when will they ever raise the $50/month education deduction; it seems > >as if it has been $50 for a couple of decades..... > > It has. Under Tax Reform, effective for the 1988 year it will > be a $10 per month credit. When combined with the provincial > reduction in tax resulting from lower federal tax, this will make > it worth about $15 (depending on the province) for each month in > which you are a full-time student. For low-income students, this > is a fair bit better than a $50 deduction. Perhaps I'm calculating something wrong but at the lowest federal tax rate a student would be paying %17 tax (federal) so a $10 tax decrease means they have escaped paying tax on $10/0.17 or about $58. $8 doesn't seem like much of an increase over 20 years. 20 years ago $50 month might buy a student a months groceries; today it will buy a weeks worth. Am I somehow mistaken in my calculations? john ...!ubc-vision!fornax!bby-bc!john
john@bby-bc.UUCP (john) (04/16/88)
In article <15616@onfcanim.UUCP>, dave@onfcanim.UUCP (Dave Martindale) writes: > > One year, the district office lost my return - and it was when I was > still a student and they owed me money. > > On the other hand, Canada Post managed to lose a telescope eyepiece > somewhere between Toronto and here in the last month, though a package > mailed from the same place to the same place a week earlier arrived. > > So, flip a coin and take your chances... I just recieved a birthday card from my sister in Toronto. She mailed it special delivery on March 7. Sometimes it's really hard to believe.
henry@utzoo.uucp (Henry Spencer) (04/17/88)
> For all you procrastinators, some post offices (Terminal "A" > in Toronto specifically, I believe) stay open till midnight... This may still happen, but *not* at Station A, which no longer exists! (Terminal A ceased to exist some time ago.) Best check in advance if you are depending on this. -- "Noalias must go. This is | Henry Spencer @ U of Toronto Zoology non-negotiable." --DMR | {ihnp4,decvax,uunet!mnetor}!utzoo!henry