Get Cash Back at Tax Time Students!
Has it hit you yet? Your son or daughter has just completed their second month at university or college. Every dollar saved is important so tell you kids how to get cash back at tax time with these easy tips…
Well, before you know it, the end of their school year will be here…just about the same time that tax season rolls around! Don’t leave them to scramble gathering paperwork for their tax returns when they are trying to study for finals. Take a few minutes now to talk with your kids so that tax season is hassle-free.
It’s important to remember that students should file an income tax return (even if they have little or no income) to make sure they claim the tax credits, deductions, and benefits they are eligible for when they file their income tax and benefit return.
Here are some tips you can share with your kids now so that tax time goes more smoothly and they can focus on their exams:
Remember to collect all T4’s from all jobs, and be sure to report them on your tax return. This is to make sure you get the correct refund amount.
Know what you are eligible for in advance. As a student, there are many things they may be able to claim, so keep all receipts for things like:
- Tuition fees
- Education amount
- Rent (for those who live off campus)
- Eligible moving expenses
- Child care expenses
The KMPC team specializes in helping companies grow via strategic financial management practices. Since 1993, KMPC has been helping businesses in Whitby, Oshawa, Ajax, Durham Region and the Greater Toronto Area (GTA) to reach and surpass their profit goals.
If you would like to speak to us regarding Business Accounting, financial retirement or tax planning, tax returns, bookkeeping or any of your other please contact us anytime – we’d love to chat with you.
KMPC– Chartered Professional Accountant, CPA 11 Stanley Ct, #13 Whitby, ON L1N 8P9 – Local: (905) 666-5071 – Email: email@example.com Web: https://kmpc.ca