student tax returns

[rhcp]

hi there, im 15 and i need to file my tax return. I worked only 1 job and my T4 says that I made just over $900. I only got federally taxed about $10, but i did pay probably over a hundred dollars in union fees and union dues. a lot of people are saying that all students get atleast $100 back on their tax return and my friend who didn't even work at a single job filed a tax return and said he got $100 or so back for doing nothing. What should i expect back, and what way should i file my taxes to recieve the most back and pay the least seeing as right now I have only $25 to my name and a lot of that is getting spent on beer this friday. what am i to do? all help is appreciated thanks.

[ak47num1]

The $100 you are talking about is called the Ontario (insert province name) Sales Tax Credit. However, you have to be over 16 on December 31, 2005 to be eligible for that credit. Also, after your income is over a certain level, you no longer get the $100 back. (If you Ontario tax payable > $100)

[HockeyMom]

hi there, im 15 and i need to file my tax return. I worked only 1 job and my T4 says that I made just over $900. I only got federally taxed about $10, but i did pay probably over a hundred dollars in union fees and union dues. a lot of people are saying that all students get atleast $100 back on their tax return and my friend who didn't even work at a single job filed a tax return and said he got $100 or so back for doing nothing. What should i expect back, and what way should i file my taxes to recieve the most back and pay the least seeing as right now I have only $25 to my name and a lot of that is getting spent on beer this friday. what am i to do? all help is appreciated thanks.
Hi rhcp
You do not have to file a tax return, but you may want to file one if your employer deducted income tax from your pay cheques. As you would not be required to pay tax for that amount of income, you would be entitled to a refund of the income tax deducted. If you file an income tax return reporting earned income, you will also start to accumulate RRSP deduction room limit for the future. You would get the income tax deducted back which would be $10. Do your taxes yourself you will save some cash...Here's a program that is free to use and netfile friendly.
Details here: http://www.netfile.gc.ca/menu-e.html
Url to the free program: http://www.studiotax.com/
Good luck :cheesygri

[rhcp]

danggg, so i wont get that $100 back that everyone said i would, something about a GST credit?

[HockeyMom]

danggg, so i wont get that $100 back that everyone said i would, something about a GST credit?
To receive the GST/HST credit, you have to be 19 years of age (unless you are a parent or married or living common law). You should apply for the credit on your 2005 return. That way, you can receive it starting with the first payment after the month of your 19th birthday. For example, if you turn 19 in July, August, or September 2006, you are eligible for the GST/HST credit starting in October 2006, as it is the first payment date after the month of your 19th birthday. Similarly, if you turn 19 in October, November, or December 2006, you will be eligible for the January 2006 and subsequent payments. Quote from http://www.cra-arc.gc.ca/benefits/gsthst/faq_qualifying-e.html :)

[rhcp]

since this is my first ever tax return, i cannot file it using netfile. so i have to print it out and mail it in. What do I include when I do this? Its telling me to send my T1, all i have is a couple of t4 slips and the PDF file i mader at quicktaxweb. so do i just submit these? what is a t1?

[jerryhung]

should find some Tax for Dummies or Tax 101 websites

Just use QuickTax Web, or Ufile.ca (free for you, or ppl with < 25000 income)
You put in all your slip info (like T4) and you can submit by NetFile, or print out the T1 and mail it

GOOD LUCK

[kaycee8877]

what is a t1?


a t-1 is the tax return itself .... 4 pages

[rhcp]

a t-1 is the tax return itself .... 4 pages

o i c. thanks.