BS - Sunday, February 20, 1983 - North Shore News

i business

TAX TIPS

Most students don’t have a
lot of maneuvering room and
that’s all the more reason to
bone-up at tax time. Tuition,
books and supplies, bus fare
and accommodation are all
expensive. With a hide
planning you can save tax
dollars each year to help
finance the increasing costs
of your education.

Your tuition fees are
deducuble if they exceed
7 $100. However, only you

may deduct them, regardless

By THE INSTITUTE OF
CHARTERED

ACCOUNTANTS OF
BRITISH COLUMBIA

of who actually paid them.
Tuition fees paid to an
approved foreign university
are also deductible if you
attended the university full-
time for at least 13 weeks.

If you reteived a scholar-
ship, fellowship or bursary,
the first $500 is tax free. For
example, if you received a
bursary of $800, you would
only have to report $300 as
taxable income.

You may also claim $50
per month for each whole or
partial month in the calendar
year in which you were in
full-time attendance at an
educational institution. You
must file a special form,
T2202A or T2202, with your
tax return to claim = this
expense. This deduction can
be claimed by either yourself
or the person supporting
you.

Research grants are fully
taxable, but you may deduct
expenses related to the
project. Deductible research
expenses include the price of
books, journals and other
matenials, the cost of hinng

assistants, travel expenses
related to your research,
equipment rental, and

depreciation on equipment
you purchase

Your moving expenses
may be deductible if you had
to move to attend university.
You may only deduct your
expenses from income you

eam at your university
location

For cxampic. if you take a
part-ame job while at

tending university, you may
deduct) your moving. ex
penses from your carnings in

the part-ame yobo Your
moving cxpenses may also
be deducted from scholas

ship) grants research oor
sumilar ocarnings while at
university

You cannot deduct: your

expenses from money you

may have carned ata
summer yob before you
moved Inecffect i you don't
carn any moncy while at

tending university you
cannot deduct your moving
expenses

Similarty Moving CA

poasos lor students omg
back home ot clsdewhere bor
the sumanes are only
deductible from Income
carned at yore sumine|et

hore athe
Tf yous ate TR oor aver oa

other

praaceat ct

ALB rps os Chea

person can claim you as a
dependent and receive the
full deduction of $1,220 if
your net income was below
$2.440 in 1982. If you are
under 18, the deduction is
$670, assuming your income
is less than %$2,320. The
amount of the deduction

No close out fees.
No commissions.
No service charges 4%

No penaltics

No deductions
In other words, no strings.

The VanCity Fixed Term Pian.

if you want to maximize your invest
ment, this plan allows you to lock in
your RRSP fund for terms from 1 year
to 5 years. Locked in funds cam

VANOOUVER

Vancouver City

1159 West Broadway 736 9166

decreases if your income
exceeds these limits. There
is no deduction if your net
earnings are $3,660 or more.

If you have earned too
much money during the year
to allow a parent or spouse
to claim you as a dependent,
consider investing in an

hard

Savings

RHOSP or RRSP. The
deduction you receive from
your contnbutions may be
sufficient to reduce your
income to the point where
the person supporting you
can claim you as an
exemption.

Your parents or spouse

may be able to make a
legitimate loan to you to
invest in an RRSP or RHOSP
in order to reduce your net
income to $2,440 and claim
yeu for the full deduction.

If your family owns a
business, you may be paid a
salary and earn up to $2,440

ig Si
a

The VanCit

cegistered Retirement
Savit ngs

guaranteed rates of interest, com
pounded annually, for the entire term
(Funds cannot be withdrawn before
completion of the term chosen ) Phe
minimum contribubon ws S500 And
as with all VanCity RRSPs and other
tax deferral plans, the Fixed tenn
Plan is yours with no strangs

The VanCity Variable Rate Plan.
Whatit gives yours one of the best
interest rates available, calc ulated on
your daily balance and compounded
seme annually So every penny works
to help you save money for the

| ~ |
| \\ ms
i

Ve ‘ ,

Credit Union VARCITS.

1380 © omumercial 251 1721
2380 West 4tst Avenue 261 9152

4305

Kinpsway 150 $161
4205 Main Street X79 9516

Plan.

Ou s. ES

Earning high marks at tax time

plus the amount of your
deductions and still be
claimed as a dependent by
your parents. Tax planning
with your parents or the
person who supports you can
add up to savings all round
and ease the cost of
education.

future, while allowing you to defer a

our money.

portion of your 1982 income tax
All deposits are guaranteed

And you could buy one with

tf you're short of cash, but would stl
like to take advantage of a VanC ity

call 79 A648)

for people:

KRSP ask us abouta loan, and you
could start earning immediately Keep
momind, also, (hat you can transfer
existing plans toa Vanity RRSP

bor further information, visit any
one of our convement branches. of

Where money works

BURNABY

4302 Hastings 294 0711
$977 North Road 421 1414

6330 Fraser Street 327 9461
8289 Cranville Strect 261 2266
2510 Last Hastings 255 4381

temporary location af Broadway 6 Oak Tran he
2106 West Broadway 736 3761
{ 4395 West Broadway 736 7451

89K West Pender Street 6045 65.71
S1IY West Oth Avenue &/3 $961
9590 Vic toma Drive $27 8301

5004 Kingsway 430 5544
WEST VANCOUVER
1548 Marine Drive 926 4511

Classified 9666222