Hello, students! And congratulations on being finally done with the school year! Yay!
As a very last assignment of the school year, why not have your taxes done (and impress your parents, too!).
Students should keep the following few things in mind when preparing to file their tax returns:
- If you had any income during the year, you should have received a T4 slip showing the total amount earned, taxes paid etc.
- If you received any bursary/scholarship or any other amount from your institution, there will be a form T4A to show how much you received. It is likely that some (or even all) of this money are not taxable. However, you must still show it as part of your tax return package. You should be able to download this form from your educational institution.
- If you paid more than $100 in tuition fees during the year, you should have form T2202A showing how much eligible tuition fees were paid during the year. It is often that the amount you paid does not equal to the total shown on this form as not all payments made to educational institution are considered eligible. Only amounts shown on form T2202A can be deducted on your tax return. This can usually be found on your education institution portal.
- Consider if you would like to transfer unused portion of your tuition deduction to your parents or your spouse – this may reduce your family’s overall tax burden.
- If you paid rent during the year, you can claim a deduction as part of Trillium Tax Benefits.
For this and other tax considerations, check out our daily blog.