As Linas father owes $10,000 to CRA, he has asked Lina to provide him with...
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Accounting
- As Linas father owes $10,000 to CRA, he has asked Lina to provide him with her T2202 tax form from Concordia. Based on Linas tuition tax slip below, how much of Linas tuition can she transfer to her father for him to use on his 2019 Federal tax return? (.25 marks)
- Calculate his Federal non-refundable tax credit if she transferred the above.
- As Lina pays for all of her schooling including tuition, books, and living expenses, she has decided to let her father know that she will not be transferring the tuition amount but claiming the tuition amount on her tax return which she is ready to file. Lina made $11,500 in her part-time job in 2019 and is making $12,000 in 2020. How much tuition should claim as a non-refundable tax credit in her 2019 personal income tax return (Federal Tax Return: Schedule 1, line 323)? What is your recommendation for Lina? (.5 mark-.25 marks each)
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Note: Federal education and textbook tax credits were eliminated in 2017.
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- $___________________
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- Response:___________________________________________________________________________________________________________________________________________
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Agency du Canada Protected B/Protg B when completed / une fois rempli For student Pour tudiant T2202 Tuition and Enrolment Certificate 1 Year Certificat pour frais de scolarit et d'inscription Anne Nome and address of designated educational institution Schooltype 12 Plyng school or du Nom et adresse de l'tablissement d'enseignement Catgorie d'cole Ecole ou du de pilotage Concordia University 14 Student number 15 Filer Account Number Numero detudiant Numero de compte du dederant |RZ| Name of program or course Nom du programme ou du cours "Number Number Eligible tuition fees Session From To of months of months part time and time periods VYMM YY MM part time ultimo Frais de scolare Pinodes Nombre Nombre De admissibles pour Student Name MAMM Cetudes MAMM de mosa de mois a tudes a temps partiel Nom de retudiant temps partiel torps plein et temps plein Lina Smith 19 01 19 12 8 $7,200 2 3 Adresse de rotudiant 4 1000 Guy Totals/Totaux 20 25 Montreal, QC Information for students: Soe the back of Certificate 1. If you want to transfer al or part of your tution amount, complete the back of Certificate 2 1 Student address Social Insurance number (SIN) Numero d'assurance sociale (NAS) Renseignements pour les tudiants : Lisez lo verso du cortificat 1. Si vous dsirez transfer une partie ou la totalit de vos frais de scolarite, remplissez lo verso du certificat 2 See the privacy notice on the next page Consultez l'avis de confidentialite a la page suivante T2202 (19) Canada Agency du Canada Protected B/Protg B when completed / une fois rempli For student Pour tudiant T2202 Tuition and Enrolment Certificate 1 Year Certificat pour frais de scolarit et d'inscription Anne Nome and address of designated educational institution Schooltype 12 Plyng school or du Nom et adresse de l'tablissement d'enseignement Catgorie d'cole Ecole ou du de pilotage Concordia University 14 Student number 15 Filer Account Number Numero detudiant Numero de compte du dederant |RZ| Name of program or course Nom du programme ou du cours "Number Number Eligible tuition fees Session From To of months of months part time and time periods VYMM YY MM part time ultimo Frais de scolare Pinodes Nombre Nombre De admissibles pour Student Name MAMM Cetudes MAMM de mosa de mois a tudes a temps partiel Nom de retudiant temps partiel torps plein et temps plein Lina Smith 19 01 19 12 8 $7,200 2 3 Adresse de rotudiant 4 1000 Guy Totals/Totaux 20 25 Montreal, QC Information for students: Soe the back of Certificate 1. If you want to transfer al or part of your tution amount, complete the back of Certificate 2 1 Student address Social Insurance number (SIN) Numero d'assurance sociale (NAS) Renseignements pour les tudiants : Lisez lo verso du cortificat 1. Si vous dsirez transfer une partie ou la totalit de vos frais de scolarite, remplissez lo verso du certificat 2 See the privacy notice on the next page Consultez l'avis de confidentialite a la page suivante T2202 (19) Canada
Note: Federal education and textbook tax credits were eliminated in 2017.
- $___________________
- Response:___________________________________________________________________________________________________________________________________________
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