students donot pay taxes when in school... if they get retro and claim it 2014 and being a student at same time is retro taxed??
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Re: students donot pay taxes when in school... if they get retro and claim it 2014 and being a student at same time is retro taxed??
Yes, students do pay taxes, but normally do not make enough to tax. That is one of the benefits of RESPs, you contribute as a parent, and when the student draws it out, they are normally/usually in a lower tax bracket an pay little if no income tax once the deductions are applied.
So if they do receive retro and it is considered income, then they are taxed on it at their personal tax rate.
Hope this helps.
Sabrelove
So if they do receive retro and it is considered income, then they are taxed on it at their personal tax rate.
Hope this helps.
Sabrelove
sabrelove- CSAT Member
- Number of posts : 136
Location : Trenton, Ontario
Registration date : 2012-09-08
Re: students donot pay taxes when in school... if they get retro and claim it 2014 and being a student at same time is retro taxed??
TYVM hard struggle but I made it, hubby said I can take care of him now....lol
Newfie- CSAT Member
- Number of posts : 189
Location : Nfld
Registration date : 2013-01-02
Re: students donot pay taxes when in school... if they get retro and claim it 2014 and being a student at same time is retro taxed??
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Last edited by Wife of a Veteran on Fri 08 Mar 2013, 20:30; edited 1 time in total (Reason for editing : .)
Wife of a Veteran- CSAT Member
- Number of posts : 221
Location : Canada
Registration date : 2012-09-28
Re: students donot pay taxes when in school... if they get retro and claim it 2014 and being a student at same time is retro taxed??
I just graduated from nursing in April but I paid taxed while in school
Newfie- CSAT Member
- Number of posts : 189
Location : Nfld
Registration date : 2013-01-02
Re: students donot pay taxes when in school... if they get retro and claim it 2014 and being a student at same time is retro taxed??
I believe students do pay taxes while in school mfors. At least our three did when in college in Ontario. There is some exemption benefits but they do pay taxes. Hope someone can confirm this for us.
Guest- Guest
students donot pay taxes when in school... if they get retro and claim it 2014 and being a student at same time is retro taxed??
i am sure there are some students wondering
Guest- Guest
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