Has it hit you yet? Your son or daughter has just completed their second month at university or college. 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
Check out this fun video that gives a great overview describing how filing a student tax return will help put cash back in their pocket this tax season…. it’s worth the three and a half minutes! Click the link to watch now: Filing your Tax Return. The CRA also has a YouTube channel full of videos that help you and your student understand Canada’s tax system.