Income tax return

sherrylynn · 03-06-2008, 07:54 PM

I just had my taxes done. I am shocked at the return I am getting. Any of you who are able to claim your band and medical expenses will be very pleased. I certinally am. Sherrylynn

Doddie63 · 03-06-2008, 10:16 PM

Are you Canadian or American. If Canadian, I can hardly wait for my return. I wonder what it will be. Doddie

sherrylynn · 03-07-2008, 06:02 AM

I am a proud Canadian Doddie. Best of luck with your return.

JLB · 03-07-2008, 09:51 AM

Doesn't it depend on your income though? And what tax bracket you're in? I am a student so don't currrently have much of an income, not sure I'll get much back. Anyone know???

Gaffer · 03-07-2008, 10:36 AM

Quote:

Originally Posted by JLB

Doesn't it depend on your income though? And what tax bracket you're in? I am a student so don't currrently have much of an income, not sure I'll get much back. Anyone know???

Yes the return will depend on your income baracket.

What you may want to look into is seeing if you can use that medical expense for a future tax year when presumably you will be making more money than when you are a student.

If that does not work, I know that you can transfer your student tuition amounts to future tax years. What I would reccommend is if you cant defer the medical expense to future years, then dont claim you tuition amount for 2007 and carry them forward to future years.

I would also talk to someone about this as you have a rather unique tax situation.

I am going to ask my accountant if I can carry forward my health expenses. I will let you know what he says.

How are you doing otherwise Janice?

Andrew

JLB · 03-07-2008, 03:21 PM

Thanks for the info Andrew. I have a guy that does my taxes for me so I'll mention all this to him. I'm pretty anal about it all.

As for how I'm doing... stressed out about covers it!!!! Hectic semester, have 6 weeks left till I graduate, trying to get everything all finalize... well... I'm sure you remember.

Anyway, as for the rest... I haven't had good, consistent restriction since end of January but I don't feel like I can handle a fill right now either. I'm pretty stressed and find the restriction does fluctuate depending on the day. However, I do know I need a fill so I'm aiming for the end of practcium in iearly April. Things should be much calmer by then. Thanks for asking.

Sounds like you are doing great. Interesting that you would have chosen Mexico if you had to do it over. How come? Would your family agree??

Doddie63 · 03-07-2008, 04:37 PM

Can your parents claim your expenses for the surgery, etc. If you are still living with them, rather than loose out, you maybe able to transfer to their income tax return. Just a thought. Doddie

jane.c · 03-07-2008, 05:33 PM

Medical expenses are for any 12 month period ending in 2007, anytime in 2007. ie. If you were banded January 2nd, 2006 then you could go from Jan 2, 2006 to January 2, 2007 and do all your expenses in that 12 month period. You can't carry forward medical expenses unfortunately.

Gaffer · 03-08-2008, 12:19 AM

Quote:

Originally Posted by jane.c

Medical expenses are for any 12 month period ending in 2007, anytime in 2007. ie. If you were banded January 2nd, 2006 then you could go from Jan 2, 2006 to January 2, 2007 and do all your expenses in that 12 month period. You can't carry forward medical expenses unfortunately.

Thanks for the answer. I guess that would be too ood to be true, but alas the government always wins.

Andrew

rose suongas · 03-09-2008, 03:19 PM

Sherrylynn --

Please help -- not trying to be nosy or anything. Our family income is kinda lower end. Am Canadian. My hubby claims me. Any idea on how much I can HOPE FOR ????? Ballpark figure? Desperate.

Rose

sherrylynn · 03-09-2008, 03:45 PM

Just sent you a PM Rose.

Doddie63 · 03-09-2008, 10:49 PM

Rose would suggest you contact the CRA and give them a ball park figur. They might give you a estimate. If not, there are companies that prepare income tax for lower income. They should be able to tell you. Hope this may help. Doddie

rose suongas · 03-10-2008, 10:09 AM

Thanks - I'll do just that!

argon · 03-10-2008, 01:24 PM

I use Ufile.ca to do my taxes. You could input all your info, and it will tell you how much you would get back. You don't have to pay for it unless you chose to print it out to mail it away or want the file to submit via Netfile.

CanadianComfort · 03-11-2008, 03:34 PM

I'm glad you started this thread! I was just about to start my taxes and was wondering if the surgery would be covered (I'm located in Mississauga). Did anyone have to get an official tax receipt from the clinic who banded you, or was the print out they gave you when you paid sufficient?

Thanks!