Students: What You Need to Know about Your Taxes

  • students, taxes, tax obligation, cra, benefits, credits, rebates, tuition, education, gst, moving expenses

When you’re a student, every dollar counts. So make sure you’re getting all the tax credits, deductions, and benefits you are eligible for by doing your taxes. Even if you have little or no income, you should still file your tax return because you could get money back!

Here are some tips to help you:

1.   Income

Remember to collect all T4s from all jobs, and be sure to report them on your tax return. Your employer should send you a T4 by the end of February.

  • Even if you are missing slips or receipts, you can still file your tax return on time by attaching your paystubs and a note stating the payer’s name and address, the type of income involved, and what you are doing to get the slip to your paper return.
  • If you earn income from the sharing economy, for example through Uber or Airbnb, you must also report this income and meet your goods and services tax / harmonized sales tax (GST/HST) reporting and remittance requirements.

2.   Deductions and credits

Know what you are eligible for in advance. You may be eligible for benefits or credits such as the Canada child benefit, the GST/HST credit and provincial or territorial benefits. You need to do your taxes every year to continue getting any benefit payments without delay or interruption. The CRA uses information from your tax return to calculate the amount of benefits and credits to which you are entitled. Additionally, as a student, there are many expenses you may be able to claim, including your:

If you would like more information on various programs, deductions and credits that can help save you money, contact GB Pilley & Associates Ltd., Chartered Professional Accountants at 604 926 3522.

 

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2017-11-08T14:34:24+00:00