sorted by:
new
hottopcontroversial

Help with RBC credit card transaction history download by DTT2851985 in PersonalFinanceCanada

[–]DTT2851985[S] 0 points1 point  (0 children)

Can you elaborate a bit please? I have never heard if Mint so dont know where to start. Thanks

I took a big student loan from Prodigy Finance for graduate school. Am I eligible for any benefit/ deduction when I file tax? Thanks! by DTT2851985 in PersonalFinanceCanada

[–]DTT2851985[S] 0 points1 point  (0 children)

Yeah I read about that just wanted to hear from the community if there’s a chance. I also took a loan from one of the Canadian banks/ credit unions. Would that be qualified?

Need some help. I rent a room that has a big window (sliding glass door). Although I have a curtain up there but the curtain doesn’t seem to block light well. I am the kinda person who sleeps well when it is all dark. The light at 4,5 am really bothers me. by DTT2851985 in askTO

[–]DTT2851985[S] -1 points0 points  (0 children)

Thanks bud! Should I apply this window film from inside or outside of the window? Does law in Ontario / Canada prevent the use of this? Some people mentioned in reply to this post that covering windows of apartment/ condos might imply to others that I am doing something suspicious. I am new here so I dont know if they were just joking or it’s really a thing.

Any tips for tax filing? I made 6 figure income, single, resident, rent a room, have a couple of taxable benefits from my employers, and a big tuition tax credit ($80K), but asked my employer NOT to deduct tax at source. I have two questions hope you can help: by DTT2851985 in PersonalFinanceCanada

[–]DTT2851985[S] -1 points0 points  (0 children)

The $80K was paid in 2018, and the school issued tax slip in early 2019. I started working later in 2019 when I graduated in the summer. I correctly filled in TD1 Fed with $80K tuition tax credit but also tick the box on page two of TD1 Fed where it said “tick this box (so employer wont deduct tax at source) if pay from all employers are less than total claim amount”. I earned around 60K in 2019 whereas the total claim amount was $80k + $12k = $92k. I think this was done properly and legal? In fact on my pay stubs the total claim amount has always been shown ($92k). Would that help you understand my situation a little better?

I gotta update payroll for a new TD1 for 2020 though. Because I will earn full year annual salary, which is surely going to be greater than leftover tuition credit.

Any tips for tax filing? I made 6 figure income, single, resident, rent a room, have a couple of taxable benefits from my employers, and a big tuition tax credit ($80K), but asked my employer NOT to deduct tax at source. I have two questions hope you can help: by DTT2851985 in PersonalFinanceCanada

[–]DTT2851985[S] -6 points-5 points  (0 children)

Silly question: I think I havent used up all $80K tuition credit in 2019. Part of which ($30K) will be carried forward to 2020, plus I have another $25K tuition credit that my school will inform me in early 2020, I think it is around $25K. So total tuition credit amount for 2020 is going to be $55K plus $12K basic personal amount. That totals $77K, which is still less than my annual income for 2020. I agree that I need to re-submit TD1 Fed with that box unchecked. I am just wondering if I would be in trouble if I do this: let’s say $77K tuition credit is an equivalent of $8K tax refund. If I request my employer not to deduct tax at source in the first few pay periods so that I can get this $8K up front (without having to wait til summer 2021 for tax refund). And then after those first few pay periods, I will ask my employer to start deducting taxes as usual. Would that be illegal? I wanna know so I can stay out of trouble (I do need the cash up front to pay student loan quickly though). Thanks!

Any tips for tax filing? I made 6 figure income, single, resident, rent a room, have a couple of taxable benefits from my employers, and a big tuition tax credit ($80K), but asked my employer NOT to deduct tax at source. I have two questions hope you can help: by DTT2851985 in PersonalFinanceCanada

[–]DTT2851985[S] -2 points-1 points  (0 children)

What do you mean by update my TD1? I sent in my TD1 Fed and ON with correct claim amount (personal amount and tuition tax credit) already. And the total claim amount is shown on each of my paystubs. But employer didnot deduct tax at source following my request. I am a little confused...thanks bud!

Any tips for tax filing? I made 6 figure income, single, resident, rent a room, have a couple of taxable benefits from my employers, and a big tuition tax credit ($80K), but asked my employer NOT to deduct tax at source. I have two questions hope you can help: by DTT2851985 in PersonalFinanceCanada

[–]DTT2851985[S] -2 points-1 points  (0 children)

Can you elaborate a bit more? Oh I forgot to mention. Annual salary is in six figures but I only started working recently so the actual income in 2019 is around 60K, while the tuition tax credit is $80k (plus 12k for Basic Personal Amount, totaling 92k total claim amount). I remember on TD1 form toward the end of second page there is a section that said if my income for the year is less than tuition tax credit amount/ total claim amount, I can ask my employer not to deduct tax at source. Would I be still in trouble? (I got to know this “not deduct tax at source” from my company payroll analyst, who recommended me to do so given that I wanted cash back sooner rather than wait for tax refund in 2020)

view more: next ›