8 Things Students Need to Know at Tax Time

Article Source: Canada Revenue Agency Newsroom  September 15, 2016

Students: make sure you claim the tax credits, deductions, and benefits you are eligible for when you file your income tax and benefit return. Even if you have little or no income, you should still file your income tax return to get them.

Here are some tips to help you do your taxes:

1. Remember to collect all T4s from all jobs, and be sure to report them on your tax return. This is to make sure you get the correct refund amount.

2. Know what you are eligible for in advance. As a student, there are many things you may be able to claim, including your:

- Tuition fees

- Education amount

- Textbook amount

- Interest paid on your student loans

- Public transit amount

- Eligible moving expenses

- GST/HST credit; and

- Your child care expenses.

3. Remember to keep your address up-to-date if you move for work or school. You can change your address easily in 'My Account'.

4. You can let a parent or another person deal with the CRA on your behalf by using the Authorize my representative service in 'My Account'. Your representative will have then access to your information and the online services to easily manage your account.

5. Need help doing your taxes? The Community Volunteer Income Tax Program (CVITP) may be able to prepare and file your tax return for you if you have a modest income and a simple tax situation. For more information, go to cra.gc.ca/volunteer.

6. Sign up for CRA’s online services to make taxes easier and get your refund faster. File your income tax and benefit return, make a payment, track your refund, receive your notice of assessment, and more. Also, sign up for direct deposit and get your refund deposited straight into your account. For more information, go to cra.gc.ca/getready.

7. Get the myCRA mobile app and view your tax information anytime, anywhere. To easily keep track of any benefit payments, get the MyBenefits CRA mobile app.

8. The CRA has a YouTube channel full of videos that help you understand Canada’s tax system. Check out our two videos that will help you put cash back in your pocket this filing season: "Filing your Tax Return" and "Filing by Yourself".

Article Source link: 8 Things Students Need to Know at Tax Time



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