Filing your Taxes

February has so much packed into such a short month; there’s Groundhog Day, Midterms, Valentine’s Day, Family Day, Reading Week, and the start of the dreaded Tax Season.

Doing your taxes can be a daunting experience, especially if you don’t have the proper tools, but receiving that cheque in the mail is definitely a big help when paying off your student loans.

You can file your taxes as early as February 20, 2017 and as late as April 30, 2017.

Do I need to file my taxes?

Technically no if you don’t owe any money, but yes you should and here are 5 reasons why:

• Tax Refund—if you have a part-time job, your employer may have deducted income taxes from you pay, in this case you are eligible to get some or all of it back.
• Tax Credits—you can claim your tuition and even textbooks for up to 7 years.
• Student Loans—you can claim interest on student loans or carry it forward for up to 5 years.
• GST/HST credit—you can get a cheque from the government 4 times a year basically because you’re poor.
• RRSP Contribution Room—by filing your taxes, you are building up for your RRSP Contribution Room that you can carry forward when the real money starts rolling in.

I’m an International Student, do I need to file my taxes?
Maybe, maybe not. The CRA does a good job at outlining this information and determining if you are considered a resident.

What you need to do:

1) Gather your T4, T4A, T2202A (see glossary above), and any other receipts that might be applicable such as your rent receipt. You don’t need to send a copy to the CRA, but you will need the information found in these forms to file your taxes.

2) Create an account on the CRA website. That way you can track your refund, set up direct deposit, and save your information for future tax filing.

3) Choose a CRA certified software. These softwares will talk you through the process and ensure that you are taking all the necessary steps to fill out your T1 (General Income Tax Form) properly. Of course, you can choose to work with an Accounting firm as well.

4) Make yourself aware of everything you are allowed to deduct as a student, you don’t want to miss an opportunity to get more money back.

5) File and send your return.

6) Receive your refund. Because you’re a student, your T1 is most likely simple and straightforward, you should receive your refund in as little as 8 days.

Remember to email information@rez-one.ca to receive your tenant rent receipt.