Income Tax Clinic · Income Tax Clinic Lynn Bennett, BComm, PMP GD Finance, GC Financial Planning

Income Tax Clinic

Lynn Bennett, BComm, PMP

GD Finance, GC Financial Planning

Scholarships and Student Aid Officewww.mcgill.ca/studentaid/

Offers advice on financial matters including

Budgeting

Debt management

Loan repayment

Administers 13 government aid programs

Help students determining their government aid jurisdiction

Administers University need-based programs

Frugal Scholar Money Management Pgm

Created for student by students

Promote mindful spending habits

Special events and workshops in the fall and winter

TAX TIP – Guides Available!

2015 Income Tax Guides & Forms, available free at:

POST OFFICES – CANADA (CRA)

DESJARDINS BANK – QUEBEC (Revenu Quebec)

Online - CRA.GC.CA & RevenuQuebec.qc.ca

Online & Telephone Support:

CRA http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/menu-eng.html

Revenu Québec http://www.revenuquebec.ca/en/nous_joindre/

TAX TIP – International Students

International Students http://www.cra-arc.gc.ca/internationalstudents/

Are you an international student in Canada?http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/ntl-eng.html

Determining Residence StatusCA Resident? http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s5/f1/s5-f1-c1-eng.htmlQC Resident?http://www.revenuquebec.ca/en/citoyen/situation/nouvel-arrivant/ce-qu-il-faut-savoir/resident-et-liens.aspx

Ask the CRA !Submit an NR4 form for an opinion on your residency statushttp://www.cra-arc.gc.ca/E/pbg/tf/nr74/nr74-12e.pdf

Tax Filing, Step-by-Step

Confirm if QUEBEC RESIDENT

Collect your tax documents (Employment,tuition, medical, banking, public transit, etc.)

Determine Income

Subtract Deductions

Calculate Taxes Payable

Subtract Credits

Result $$$: Refund or Pay ?

Submit Tax Return to CRA & Revenu QC

Receive Tax Assessments from CRA & Revenu QC

TAX TIP – Out of Province Students

Quebec Resident for Tax Purposes ?http://www.revenuquebec.ca/en/citoyen/situation/nouvel-arrivant/ce-qu-il-faut-savoir/resident-et-liens.aspx

Are you a new resident?

http://www.revenuquebec.ca/en/citoyen/situation/nouvel-arrivant/ce-qu-il-faut-savoir/etes-vous-un-nouvel-arrivant.aspx

Income, Deduction, Credit

Income – money you received from varioussources, including foreign

Deduction – an amount you can subtract fromIncome, to calculate Taxable Income

Taxes Payable = Taxable Income x Tax Rate

Credit - an amount you can subtract fromTaxes Payable, to calculate Refund or Pay

Non-Refundable Tax CreditsFor Students

Tuition

Education

Textbook amounts

- Transferable to 1 of:Parent / Grandparent / Spouse

OR

- Carry forward to FUTURE tax year withtax payable

Non-Refundable Tax CreditsFor Students

Student Loan Interest paid

- Carry forward for 5 years- Only student can claim this credit

Tax Software – some are Free!

U-FILE http://www.ufile.ca/tips-and-tools/file-for-free

TURBO-TAX https://turbotax.community.intuit.ca/questions/1190102-can-i-

file-for-free-using-turbotax

H & R BLOCK https://www.hrblock.ca/online-tax-software/product-

comparison/

Federal Govt Netfile compatible http://www.cra-arc.gc.ca/esrvc-

srvce/tx/ndvdls/netfile-impotnet/crtfdsftwr/menu-eng.html

CRA FAQ http://www.cra-arc.gc.ca/tx/ndvdls/fq/menu-eng.html

Income Tax and Benefit Guide 2015 - All ProvincesExcept Non-Residents http://www.cra-arc.gc.ca/E/pub/tg/5000-g/5000g-15e.pdf

Students and Income Tax 2015http://www.cra-arc.gc.ca/E/pub/tg/p105/p105-15e.pdf

Scholarships, fellowships, bursaries, study grants, &artists' project grants (awards) http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-

tx/rtrn/cmpltng/rprtng-ncm/lns101-170/130/schlrshp-eng.html

Scholarship Exemption – Part-time enrolment http://www.cra-

arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/130/prttmdctn-eng.html

RESPs http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/resp-reee/menu-eng.html

International Students http://www.cra-arc.gc.ca/internationalstudents/

Are you an international student in Canada? http://www.cra-

arc.gc.ca/tx/nnrsdnts/ndvdls/ntl-eng.html

Determining Residence Status

CA Resident? http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s5/f1/s5-f1-c1-

eng.html

QC Resident? http://www.revenuquebec.ca/en/citoyen/situation/nouvel-

arrivant/ce-qu-il-faut-savoir/resident-et-liens.aspx

Ask the CRA !Submit an NR4 form for an opinion on your residency statushttp://www.cra-arc.gc.ca/E/pbg/tf/nr74/nr74-12e.pdf

Do you have to file a return?http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/flng-blgtns/menu-eng.htmlhttp://www.cra-arc.gc.ca/E/pub/tg/5000-g/5000g-15e.pdf

Information slips - T4 and others http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/slps/menu-eng.html

Working Income Tax Benefit http://www.cra-

arc.gc.ca/bnfts/wtb/menu-eng.html

Canada Child Tax benefithttp://www.cra-arc.gc.ca/bnfts/cctb/menu-eng.html

Persons with DISABILITIEShttp://www.cra-arc.gc.ca/vdgllry/ndvdls/srs-txmsrs-pwd-lnks-eng.html

QC FAQ http://www.revenuquebec.ca/en/faq/default.aspx

QC Income Tax Guidehttp://www.revenuquebec.ca/documents/en/formulaires/tp/2015-12/tp-1.g-v(2015-12).pdf

QC Resident? http://www.revenuquebec.ca/en/citoyen/situation/nouvel-arrivant/ce-qu-il-faut-savoir/resident-et-liens.aspx

Tuition Tax Credithttp://www.revenuquebec.ca/en/citoyen/declaration/produire/comment/aideligne/ligne398.aspx Schedule T

Solidarity credithttp://www.revenuquebec.ca/en/citoyen/declaration/produire/comment/aideligne/credit_impot_solidarite.aspx

Tax Credit List http://www.revenuquebec.ca/en/citoyen/credits/

TAX TIP – File your tax return!

“You must pay taxes. But there’s nolaw that says you gotta leave a tip.”

– Morgan Stanley advert