Question about T4A and Canada Revenue Agency?
I'm in university and I got a bursary of a few hundred dollars.
I also got a T4A tax form from my university, stating this amount. Because it falls under 'other income'.
So..what do I do with this, this is my first time getting a T4A. Do I just keep it forever, or do I have to submit it to Canada Revenue Agency?
I'm really not sure so PLEASE give me a definite answer to these questions -
1. Does it have to be mailed to them or something, or do I just keep it for myself?
2. Does the CRA already HAVE a copy of this, and the one I received is just a copy for me?
3. If I DO have to submit it, is there a deadline for this?
4. Just wondering, what exactly will the CRA do with this information? It's my bursary and it's to pay for school..
5. Just wanted to mention, I have a strange dad..if he hears I got a bursary, he'll want to take the money for his own use. that's why I haven't told him about it. but he's the one who does the taxes and stuff so if this form is mandatory to submit, i'll have to tell him about it?
- bw022Lv 75 years agoFavorite Answer
Start by realizing that you don't owe taxes unless you earn more than $11,800 in taxable income in a year. If you earned income and had taxes deducted, you'll generally always want to file income taxes so that you get that money back. If you had self-employment income, and 18+ you'll need to file if you earned more than $6,500 (as that it the point you must pay into Canada Pension Plan).
If you never worked and didn't have taxes deducted, you generally don't have to file -- baring self-employment income, income over $11,800, or CRA specifically asking you to file. If you made large RRSP, charity, self-employment or other deductions (even if under the $11,800) you might wish to file so that you can carry future tax years.
If that T4A is your only income... you aren't over the $11,800, don't own any taxes, and don't need to file. There would be no reason to file. Keep it for a few years (in case you are ever ordered to file), but otherwise don't worry about it.
1. It doesn't need to be sent to them unless you are filing income tax returns.
2. The provider of the T4A would have submitted the information electronically or at part of their returns with CRA.
3. Regular income tax returns are due April 30th of each year. If you half self-employment income you have under June 30th to file, but you must still pay any taxes due by April 30th. Again, in most cases you do not have to file income taxes unless you own money. You likely shouldn't file income taxes unless you are going money back (i.e. you worked and had taxes deducted from your pay).
4. If you file, they may check the form against your income tax returns. Typically they are only going to do this if they find a mistake in your returns, you are selected randomly, or they have a reason to check your return (previous late filings, the company providing the T4A is being audited, etc.).
5. If you are submitting income taxes and you don't declare that income on your general returns and submit copies of the T4A... then yes, CRA can make your life difficult. They might just make the adjustment for you, they might make you file again, they might assign a penalty, they might audit you, they could issue fines, or they could file criminal charges for submitting a false return. Realistically... if you earned under $11,800... more likely to just adjust it or require you to re-file.
Why aren't you filing out your own income tax returns? This is something you should be doing unless you are under 18.