Xref: utzoo ont.general:1005 can.general:1619 Path: utzoo!attcan!utgpu!jarvis.csri.toronto.edu!dgp.toronto.edu!elf From: elf@dgp.toronto.edu (Eugene Fiume) Newsgroups: ont.general,can.general Subject: Re: The Taxman Cometh for NSERC Award Recipients Message-ID: <1989Aug24.111357.26686@jarvis.csri.toronto.edu> Date: 24 Aug 89 15:13:58 GMT References: Distribution: can Organization: University of Toronto, CSRI Lines: 26 In article kim@watsup.waterloo.edu (T. Kim Nguyen) writes: > >How does one reduce one's net taxable income to an acceptable level >(ie. $0) if one receives a sizeable scholarship? My understanding when I was a grad student was that a scholarship was considered "unearned income" (love that value judgement!), and therefore could not be put toward an RRSP. I doubt the situation has changed. All you can do (well, all I did anyway) is to claim the standard $500 deduction. Also, you're supposed to pay tax by quarterly installments. I never did this, and was sometimes charged interest. I think they now have their act together and are pretty insistent about charging interest. As to how you reduce your taxable income to $0, you can't; so forget it, hold your nose, pay up, and be proud of the fact that it's people living near or below the poverty line that support this great country of ours :-( . (BTW I have no idea how true this last remark actually is--I'd be interested in seeing a breakdown of gov't tax revenue as a function of income (whether taxable, net, disposable, etc.).) -- Eugene Fiume Dynamic Graphics Project University of Toronto elf@dgp.toronto.edu