OMG: I didn't know the GRT UPASS fee which is part of our tuition could be
used as tax credits. Looks like I'll be claiming everything from Fall
2011 an onwards lol. Hopefully the rest of you haven't been as ignorant
or in the dark as me.
OP is talking about a public transit pass credit that you can use on your tax return (its a non-refundable tax credit). However, it can only be claimed within that year you used it.. so for example, you used it this year, then in the 2014 return you can claim it. Plus you can't claim three years back on your current tax return.
Last year, I learned there were almost 5 years worth of claims I didn't know I was eligible for. Had a good accountant, managed to get pretty much all that money back.
...Now I have over $12k in unclaimed tax credits, and a few years in which to use them. Happy times!
No, it's not included in that tuition credit. That is strictly on the tuition only. If you take the time to go through the FEDS page related to these fees it will give you all the info you need to know.
2c is right, claiming transit is entirely different than claiming tuition since UPass is a separate fee. And as 3 said, you can't carry it over. For those wondering, tax receipts will be posted here during Winter term. http://www.feds.ca/about/upass/.
can you tell me more about this, what it is, and how i can do the exact same thing? thanks!
ReplyDeleteOP is talking about a public transit pass credit that you can use on your tax return (its a non-refundable tax credit). However, it can only be claimed within that year you used it.. so for example, you used it this year, then in the 2014 return you can claim it. Plus you can't claim three years back on your current tax return.
DeleteIf you claim your total tuition fees on your tax return this would be included in that amount anyways, would it not?
ReplyDeleteAlso can you claim back three years? Pretty sure taxes are kinda done on a yearly basis.
Last year, I learned there were almost 5 years worth of claims I didn't know I was eligible for. Had a good accountant, managed to get pretty much all that money back.
Delete...Now I have over $12k in unclaimed tax credits, and a few years in which to use them. Happy times!
2a. wuuuuuuuuuuuuuuuut. claims from what?!
DeleteNo, it's not included in that tuition credit. That is strictly on the tuition only. If you take the time to go through the FEDS page related to these fees it will give you all the info you need to know.
Delete2c is right, claiming transit is entirely different than claiming tuition since UPass is a separate fee. And as 3 said, you can't carry it over.
DeleteFor those wondering, tax receipts will be posted here during Winter term. http://www.feds.ca/about/upass/.
You can only claim your Public Transit amount within that taxation year when you used it lol
ReplyDeleteOP here, you are correct, my mistake. I thought this would be similar to donation credits but I guess not. Well, at least I found out now I guess.
Deletecan you claim for all 3 terms of the year or just the terms you were actually at school for?
ReplyDeleteOnly the terms you paid the upass fee.
Delete