Proof of income for sponsor question?

[CanadianWife]

I am told from the IMM5443E pdf that I am to attach the following:

An original Option C printout of your last Notice of Assessment for the most recent taxation year along with printouts of all income slips. (e.g. T4, T4E, T5 and T5007.)

Now my problem is I am a student but have worked part time and seasonally. I haven't filed taxes since 2010 when I had a more permanent job.

I don't know if they want me to send the one from 2010? Or should I be only sending the income slips from the past year?

They say to explain if I don't send them tell them why I'm just wondering what is right and best to do?

 

[SenoritaBella]

First, you should file taxes every year even if you have no income. A few advantages are:
1. eligible for tax credits like the quarterly GST/HST payments, etc.
2. your province may have a low income supplement benefit which if you qualify is automatically sent to you.
3. Students receive a T2202A for tuition, books and scholarships/bursaries amounts which you file with your taxes. These credits can be carried forward each year and used to lower your tax burden when you eventually make a lot of money. In my case, I got back 2 years worth of income taxes.
4. students can claim transportation costs if they use a monthly bus pass but you need to have the bus passes as proof.
5. I believe there is also another credit for students after graduation. I forget if it has to do with student loans or not, but look into it.
6. if you are married and your spouse is a dependent, you may be eligible for certain credits.
7. Need I mention RRSP contribution room you can accrue over the years which you can use to lower your tax burden?

Imagine how much the gov't may be owing you right now? The right thing to do is file all taxes from 2010 - 2012 asap. Then come tax season, file 2013. The one for 2013 will be processed relatively faster than the prior years, but you will likely received a nice lump sum payment of any credits owed you.

If you don't want to do that, then perhaps consider submitting your current paystubs, any recent T4s, proof of savings/investments(from your bank) and an explanation why you don't have an Option C from 2012 tax year.

 

[CanadianWife]

First, you should file taxes every year even if you have no income. A few advantages are:
1. eligible for tax credits like the quarterly GST/HST payments, etc.
2. your province may have a low income supplement benefit which if you qualify is automatically sent to you.
3. Students receive a T2202A for tuition, books and scholarships/bursaries amounts which you file with your taxes. These credits can be carried forward each year and used to lower your tax burden when you eventually make a lot of money. In my case, I got back 2 years worth of income taxes.
4. students can claim transportation costs if they use a monthly bus pass but you need to have the bus passes as proof.
5. I believe there is also another credit for students after graduation. I forget if it has to do with student loans or not, but look into it.
6. if you are married and your spouse is a dependent, you may be eligible for certain credits.
7. Need I mention RRSP contribution room you can accrue over the years which you can use to lower your tax burden?

Imagine how much the gov't may be owing you right now? The right thing to do is file all taxes from 2010 - 2012 asap. Then come tax season, file 2013. The one for 2013 will be processed relatively faster than the prior years, but you will likely received a nice lump sum payment of any credits owed you.

If you don't want to do that, then perhaps consider submitting your current paystubs, any recent T4s, proof of savings/investments(from your bank) and an explanation why you don't have an Option C from 2012 tax year.

Late reply...Thank you so much for this. I am going to file for taxes right away. I really didn't know much about that at all. If I file for taxes does anyone know how long it'll be before I can get this Option C from the 2012 tax year? (I really know nothing about taxes.. but will start doing my research. :-[ )

 

[amenia]

It shouldn't take u overly long maybe a few weeks if u explain to them u need it I don't see it taking a few weeks after filing but ya u should do every year like senoritaBella mentioned and I wouldn't doubt it either that u will probably get a return

 

[SenoritaBella]

If you file your taxes for 2012 electronically, you should get your notice of assessment and refund(if applicable) within a few weeks. Your Option C from 2012 will be available once they process your tax refund and you can request it. There are free tax clinics that help people with low income. To find out if you qualify, go here: http://www.cra-arc.gc.ca/tx/ndvdls/vlntr/nd-eng.html

To find a tax clinic in your city: http://www.cra-arc.gc.ca/tx/ndvdls/vlntr/clncs/menu-eng.html

Late reply...Thank you so much for this. I am going to file for taxes right away. I really didn't know much about that at all. If I file for taxes does anyone know how long it'll be before I can get this Option C from the 2012 tax year? (I really know nothing about taxes.. but will start doing my research. :-[ )