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| *The Commerce Journal>>>Canada Taxes |
I am a student-- if I buy a laptop, what does it mean if I can "write it off" in taxes? |
I live in Canada. I was thinking of getting a laptop. One of my friends said I will get back the money in taxes if I "write it off" as an educational expense. Yes, it will be used just for writing papers and research when I'm at campus, mostly, but what does she mean? And can I really "write it off?" I am confused. Please only answer if you can help me. I don't know anything about Canadian tax laws, but in the US it would be a deduction that lowers your taxable income. Basically what you would have to do is itemize your taxes - which means making a detailed list of all deductions rather than taking the standard deductions. By doing this you can usually claim deductions for a lot of things and these deductions lower your taxable income. However, in order for you to get money back, you would have to have had taxes in excess of your taxable income withheld from your paychecks. On the other hand, if you don't have enough withheld from your checks you could wind up owing taxes no matter how many deductions you have. Again, not knowing anything about Canadian tax laws, it's always possible there is some sort of rule that automatically allows for deductions or refunds for certain educational expenses. I would recommend consulting a certified tax preparer as they can give you specific information about different deductions and allowances that apply to your situation as well as information about any specific conditions or limitations. i've had an experience like this. i "wrote off" my books, my uniforms and even all the expenses i had for my nursing class. just keep your RECIEPT and show it to the person who will do your taxes in the next year. when he or she asks about your expenses in school show them that receipt. i spent more than a thousand in school and i got more than a thousand dollars written off write it off means you can deduct it from your income tax "writing it off" means that you won"t have to pay taxes on the amount of money that you spent on that item if it is used for school or work. this only applies if you make over a certain amount and there are limits to how much you can "write off" for school and things. you can also write off books, tuition and possibly other things also. talk to whoever does your taxes about deductions like these No, the laptop is not deductible against your income taxes in Canada, for students. http://www.cra-arc.gc.ca/tax/individuals... |
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