Newsgroups: can.general
Path: utzoo!lsuc!dave
From: dave@lsuc.uucp (David Sherman)
Subject: income tax tips #14: filing deadline, and education deduction
Date: Tue, 12-Apr-88 15:08:22 EDT
Message-ID: <1988Apr12.150823.24450@lsuc.uucp>
Distribution: can
Organization: Law Society of Upper Canada, Toronto

For those who weren't aware, the filing deadline for your
1987 income tax return has been extended to May 2, 1988.
This was done because April 30 falls on a Saturday.  The
return must be postmarked by that day to avoid a penalty of
5% of the tax owing (plus interest on the amount owing, at 9%
compounded daily).

For all you procrastinators, some post offices (Terminal "A"
in Toronto specifically, I believe) stay open till midnight on
the deadline date so that you can get your return postmarked
in time.

Another change recently announced (by press release in March): the
definition of "full-time student" for purposes of the $50/month
education deduction will be extended slightly.  It will now include
students taking 60% or more of a normal course load, rather than
a minimum of three or four full-time courses.  This will allow,
for example, summer students taking a full load in the summer to
qualify for the exemption.  According to the press release, "Because
the methods of organizing the academic year differ among educational
institutions across the country, tax treatment was not uniform."

This change is effective for the 1987 taxation year, so it affects
the return you have to file by May 2.

David Sherman
Income Tax Consultant
Toronto
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