TAXES – Mac's Money Centre

Canadian Taxes Made Simple!

Anas Hussain — Tue, 30 Apr 2019 15:57:23 +0000

Why do we pay taxes? Where does the money go? What does this mean for you as a student?

This is the first video in a series to make taxes simpler to understand for students.

We want to thank our 75 Tax Squad volunteers who have provided a combined 900 clinic hours of tax assistance to students of McMaster and members of the Hamilton community. In total, our volunteers filed approximately 1,400+ returns. Refunds total approximately $5 million + in GST Benefits, Ontario Trillium Benefits, Tax Refunds and the Canada Child Credit.

Way to go McMaster students and staff volunteers!Thank you Thrillhouse Studios for your collaboration on this project.

#TaxSquad #TaxPrep #HelpingHamilton #McMaster #MacTalksMoney

SSC Goes Live: Drop-In Tax Clinics

Anas Hussain — Fri, 05 Apr 2019 15:12:29 +0000

SSC Goes LIVE at one of our Mac’s Money Centre Tax Clinics!

For many students, doing your taxes often results in getting money back. Take advantage of Mac’s Money Centre’s FREE tax services:

Drop-In Tax Clinics

Visit our tax clinics in Gilmour Hall 110 (Student Success Centre) and have your tax return prepared for free by a trained tax volunteer. There are four clinic dates available in March and April. Book on OSCARplus.

Thursday, April 4 from 10:00 a.m. – 4:00 p.m.

Friday, April 5 from 10:00 a.m. – 4:00 p.m.

Tuesday, April 9 from 10:00 a.m. – 4:00 p.m.

Wednesday, April 24 from 2:00 p.m. – 7:00 p.m.

Monday, April 29 from 10:00 a.m. – 4:00 p.m.

Drop-in clinics will be held in Gilmour Hall, Room 110.

Do-It-Yourself Tax Clinics

Want to take control of your finances? Interested in learning how to prepare your own tax return? Mac’s Money Centre is holding DIY Tax Clinics, where tax volunteers will assist you with using the free Canada Revenue Agency (CRA) tax software to file your taxes electronically. There are three dates available in March and April. Book on OSCARplus.

Tuesday, March 26 from 1:00 p.m. – 4:00 p.m.

Wednesday, April 10 from 4:00 p.m. – 7:00 p.m.

Tuesday, April 23 from 4:00 p.m. – 7:00 p.m.

Do It Yourself clinics will be held in MUSC 311 & 313.

What to Bring:

T4 – Employment Income Slip
T4A – Scholarships, Bursaries
T5 – Investment Income
Rent Receipts for 2018
Medical Expenses – Uhip Premium and out of pocket expenses
Tuition – T2202A – Please consult with your parents if you are transferring up to $5,000 unused tuition
Moving Expenses to Hamilton Ontario to attend School – Transportation
Child Care Expenses
Medical Expenses
RRSP Contribution
Charitable Donations
Last Year’s Assessment Form (if you have it)

If you are filing with your spouse or partner, please have them with you and bring all necessary tax documentation.

You are required to have a SIN in order to file a tax return.

If you have never filed before, we will also prepare taxes for previous years. Please remember to bring your prior year’s slips/receipts to do this. Filing your taxes will allow you to collect your GST/HST credits, rent rebates and register your tuition credits for future use.

Filing deadline is April 30, 2019, for the 2018 Tax Year to collect your benefits on time.

Please register, space is limited.

McMaster has made it simple for students to print their tax forms from MOSAIC.

Log into mosaic.mcmaster.ca
Go to ‘MOSAIC Home’ at the top of the page
Select ‘Employee Self Service’ from the drop down menu Choose ‘View T4/T4A Slips’
Print
Tax Slip: T4

For student staff or anyone that has full-time or part-time work at McMaster, they can print off their T4 through MOSAIC as well. Taxes need to be filed by April 30. To learn more about the tax clinics, visit the website: https://money.mcmaster.ca/…/tax-clinics/#mactalksmoney

Do You Find Taxes Confusing?

Anas Hussain — Thu, 14 Mar 2019 13:43:10 +0000

Get money back by doing your taxes this March or April. To receive your benefits on time, file by April 30.

For many students, doing your taxes often results in getting money back. Take advantage of Mac’s Money Centre’s FREE tax services:

Get your personal taxes prepared by a trained Tax Volunteer

Thursday, April 4 from 10:00 a.m. – 4:00 p.m.

Friday, April 5 from 10:00 a.m. – 4:00 p.m.

Tuesday, April 9 from 10:00 a.m. – 4:00 p.m.

Wednesday, April 24 from 2:00 p.m. – 7:00 p.m.

Monday, April 29 from 10:00 a.m. – 4:00 p.m.

Drop-in clinics will be held in Gilmour Hall, Room 110.

Attend a Do-It-Yourself Tax Clinic

Tuesday, March 26 from 1:00 p.m. – 4:00 p.m.

Wednesday, April 10 from 4:00 p.m. – 7:00 p.m.

Tuesday, April 23 from 4:00 p.m. – 7:00 p.m.

Do It Yourself clinics will be held in MUSC 311 & 313.

Do It Yourself clinics will be held in MUSC 311 & 313

What to Bring:

You are required to have a SIN in order to ﬁle a tax return.

If you have never ﬁled before, we will also prepare taxes for previous years. Please remember to bring your prior year’s slips/receipts to do this. Filing your taxes will allow you to collect your GST/HST credits, rent rebates and register your tuition credits for future use.
Filing deadline is April 30, 2019, for the 2018 Tax Year to collect your beneﬁts on time.

Please register, space is limited.

McMaster has made it simple for students to print their tax forms from MOSAIC.

Log into mosaic.mcmaster.ca
Go to ‘MOSAIC Home’ at the top of the page
Select ‘Employee Self Service’ from the drop down menu Choose ‘View T4/T4A Slips’
Print
Tax Slip: T4

For student staff or anyone that has full-time or part-time work at McMaster, they can print off their T4 through MOSAIC as well.

The sunnier side of tax season

Anas Hussain — Mon, 13 Mar 2017 15:41:48 +0000

Filing taxes is often viewed as an expensive and time-consuming process that can feel daunting for students; but, this is an important year for students to file returns. The 2016 tax year will be the last year that students can claim education and textbook credits. This new federal tax measure will be put towards supporting tuition costs for post-secondary students from low income families (gross incomes of less than $50,000 per year).

Current students are still eligible to file for their education and textbook credits this year, a decision that will provide future tax savings when students are working. For a full time student, these credits amount to $465 a month and total $3,720. With future tax savings calculated at 15%, students can receive a return of $558. Starting in 2018, only the tuition credit will remain available.

Mac’s Money Centre encourages students who have not filed their taxes to learn more and stay on top of their taxes, as the savings could be used towards paying student loans and cost of living. Students who are not yet working can apply their tuition credit to their taxes owed later on; they also have the option to transfer up to $5,000 of their tuition, education, and textbook credits to their parents’ income taxes.

“For students, tax season means getting money back and accumulating future tax savings. I think that’s really exciting,” says Gina Robinson, Associate Dean of Student Affairs and Director of the Student Success Centre. “Through Mac’s Money Centre, I want to empower students – it feels good to know how it all works and to take charge.”

Mac’s Money Centre is a collaborative initiative between the Student Success Centre, McMaster Students Union, Financial Aid and Scholarships, and Student Accounts that works towards nurturing the financial wellness of McMaster students and alumni. In addition to an informational website that provides resources and tools to help with taxes, budgeting, and financial decision making, Mac’s Money Centre also holds workshops and one-on-one money coaching every Wednesday.

This year, Mac’s Money Centre will be introducing D.I.Y. Tax Labs, a free session for students and recent alumni to file their own taxes. Those who attend will bring in their laptops and work with CPA professionals to ensure that they file their taxes correctly and maximize their tax benefits. By the end of the session, students will be able to submit their tax returns online through the Canada Revenue Agency (CRA) website.

As Gina shares, “There’s this myth that taxes are complicated and that you need to be making an income to file; but, students have a lot to look forward to when it comes to tax season. Claiming the GST/HST rebate and the Ontario Trillium Grant, alone, could help students get almost $1000 back immediately. That’s a lot of money and doesn’t include what they can later claim when they’re working full time. It’s just about being aware and starting early.”

D.I.Y. Tax Labs will take place on March 28 and March 30 from 4:00 p.m. to 8:00 p.m. There will also be shorter information workshops about filing student taxes on March 22 and March 29 from 12:30 p.m. to 1:30 p.m. To register for any of these sessions, visit OSCARplus (listed under events).

For those who cannot attend sessions in March, Mac’s Money Centre will hold tax clinics in April. Mac’s Money Centre also recommends that students and alumni register for an online account on the CRA website so that they come to sessions prepared and ready to get to work.

For more tax information and resources, visit the Mac’s Money Centre website.

Click here to view the original article.

It’s taxes season, and we’re here to help!

Anas Hussain — Wed, 21 Jan 2015 19:10:55 +0000

February is coming. That means we’re getting into the thick of tax season. For many, this may be a scary time (You don’t really “get” taxes) and for others, you not care at all (my parents will take care of it). Of course, there is a whole other category too (“What?! I have to pay taxes?).

This week on Common Cents, Tyler sat down with Gina Robinson of the Student Success Centre at McMaster and talked about taxes and what students can do to prepare for and conquer tax season. Click the play button below to hear the whole conversation and check out the links below that for helpful

Click here to listen to the CFMU podcast.