Here’s some information to help you get through this year’s tax season
Jessica Klymchuk, News Editor Ω
The deadline to file individual income tax and benefit returns is April 30, and if you haven’t filed yours yet, just use that return check as your motivation. If you don’t file, you could miss out on GST/HST credit. If you’re still putting it off or have no idea how to file, here’s some info from the Canadian Revenue Agency (CRA) to get you started:
- Even if you haven’t worked in the last year, you have to file to make sure you receive any payments you might be entitled to. If you’re 19 years old or older, you should qualify for quarterly HST/GST credit.
- The CRA has dedicated part of its website to students and the specific tax scenarios that may apply to them. Check out www.cra.gc.ca/students to learn how to claim tuition, education, textbook costs and moving expenses.
- The CRA has published webinars to guide you through the basics of completing your tax form. There is a video series for Canadian students that outlines how to file, what to file and how to avoid penalties. Check it out at www.cra-arc.gc.ca/events for more information.
- To claim your tuition, download your T2202A form from your myTRU account. This is your tuition, education and textbook amounts certificate and outlines the eligible fees paid during the tax year and the number of months you were enrolled as a part time or full time student.
- According to the CRA, most income you receive is taxable and you have to include it on your return. Common forms of income you might receive as a student include employment income, tips, registered education savings plan payments, scholarships, fellowships, bursaries and study grants. You don’t have to include your GST/HST credit, Canada child tax benefits, most scholarships or bursaries and inheritances as income.
- If you’re an international student unsure about whether to file, determine your residency status at www.cra.gc.ca/internationalstudents. You might owe taxes to the Canadian government, and may qualify for GST/HST credit payments. Send your individual income tax and benefit return to the CRA’s international tax services office by April 30. Direct your questions to the CRA’s international tax and non-residential inquiries line at 1-855-284-5924.
- NETFILE is the online service that allows you to file your taxes online. If you use NETFILE and sign up for direct deposit your money will be deposited directly into your bank account in as little as eight business days. You can deal with your tax matters online using My Account, available at www.cra.gc.ca/electronicservices.
To get started on your taxes, visit www.cra.gc.ca/getready