Are you over contributed to your RRSP account?
Check the following out (Pdf files)
Line 130 – Scholarships, fellowships, bursaries, study grants, and artist’s project grants (awards)
A number of people don’t realize that when they are a full time student, that Scholarships, fellowships, bursaries, grants are exempt from tax, and are reported through a T4A document issued by the payer.
When you file your income tax, you should report the amount received as income, and as income that is exempt.
In order to determine if you would qualify for the exempt status, the easiest way is to access a computer, put canada.ca Link to Canada Government Website in the URL field of the search engine you are using (Chrome, Firefox, etc), and where the search bar appears in the CRA website, put in the word “Line 130”.
From there, just scroll down until you see the detail on Scholarships, etc, and hit the enter key. Within that document, there is the criteria listed and highlighted as a “qualifying student”. Put your cursor over that word, and hit the “enter” key.
You should have enough reading material to determine if you qualify for the exemption, and it will save you time in requesting an adjustment sometime later.
Post assessment reviews
It’s nearly time that CRA will automatically send letters for special situations that require documentation in support of some of the claims used in your most recent tax return.
This review is automatically generated based on criteria predetermined by CRA and periodically amended to include or exclude items previously determined to be relative to the initial review.
Please do not hesitate to contact us regarding the process and if we have been contacted beforehand on your behalf, we will respond and contact you if any information is believed to be contained in your annual tax document file that is in your possession.
The Holllingsworth and Associates Team.
From the Government Web Site, some information pertaining to your CPP.
CRA can provide information to you that may enable you to have your tax return prepared at no cost.
There are some restrictions, the main one being your total income, but it sure doesn’t hurt to check it out on your own. I hope you can get a savings, and if not, we are here to help. We do charge a fee for services, and do our best to keep our costs in control so you don’t pay for inefficiencies.
Here is CRA’s Link CRA Free Service
See you soon.
We thought this should be included as a one pager, because it takes effect this year, right away.
I’m so glad you noticed.
It looks like most of the time we spent adding links to the web site, and you actually used those links from time to time.
We were using a third party program to write the different items that were contained within the web site, and it was generally useful to those folks that really are into web design, backups and the technical part of design.
We are not that type, but have tried our best to adapt.
Now, it seems easier to use a different tool, and simply blog from time to time unless you drop us a line that you need some accounting support. That we can sure give to you.
Ask, seek, knock. You know how it goes, right?