Students


August 10th, 2009

Getting ready to head off to university? ¬†You don’t need to keep all those receipts for tuition costs, travel, rent, textbooks etc. ¬†At least not for your taxes anyway. ¬†The government has made it relatively simple, and all of your costs are summarized on the T2202 form. ¬†Your university will issue you this in January or February.

Take note, though!! ¬†Many of the larger universities ONLY issue them online, and they expect you to print them off. ¬†So if you haven’t received it by the end of February, just go into your student account online, and look for the link that says T2202. ¬†Print off the form and everybody’s happy.

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Are you graduating from college or university? ¬†If you live in Nova Scotia by the end of the year, you could qualify for the $2,000 graduate tax credit. ¬†This tax credit gives you a $2,000 reduction in your provincial taxes. ¬†If your income is low, and you don’t need that much to get all your taxes back, you can even carry it forward to use next year.

NOTE:  This Nova Scotia Graduate Tax Credit has been replaced for 2009 and future years with a new, more lucrative tax rebate.  Read about it here http://www.prioritytax.ca/blog/consumer-tax/nova-scotia-graduate-retention-rebate/

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The MyAccount Service


July 14th, 2009

Canada Revenue Agency has a wonderful service that’s worth signing up for. ¬†It’s called MyAccount, and allows you to log in online and review your tax history. ¬†It’s great for those times when you need to reprint a copy of your Notice of Assessment, or to check to see where your tax refund is. ¬†There’s no cost to sign up. ¬†And, you can request the Canada Revenue Agency to provide your accountant with access to your MyAccount, so that your accountant can also get important information without having to call.

I’ll be honest with you: ¬†it IS a little bit of work to sign up for this service. ¬†You first need to register for what’s called an ePass. ¬†Then, the government will mail you (yes, in the mail) a security code that you have to enter to activate your MyAccount. ¬†So it does take some effort on your part to register, but it’s definitely worth it.

Do it today at http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/myccnt/menu-eng.html

As an added bonus, once you have an ePass you can use it on quite a few other government websites, including Service Canada (check your Employment Insurance claim!), Veteran Affairs Canada, and Agriculture and Agri-Food Canada, to name only a very few.

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This is getting interesting…… keep it up much longer and the government will be paying you to build!

The new NDP provincial government just announced that they are removing a portion of the sales tax on new home construction or purchases. ¬†The rebate amount is 4%, to a maximum of $7,000. ¬†But you have to complete construction or purchase of your new home by March 1, so don’t wait. ¬†Also, it’s limited to only 1,500 applicants. ¬†I wonder what will happen if there are more? ¬†Premier Dexter says details will be announced over the summer, so let’s stay tuned.

http://www.gov.ns.ca/news/details.asp?id=20090707002

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