Your taxes are as students: expectations and reality

If the words “tax season” make you get out of the cold, don’t worry, we’ll get it. All the documents and weird codes might be a little scary. Moreover, it cannot help in the fact that there are many misconceptions about the return of income tax. This can make the process even more confusing and tense, especially for the first timers

Here are the four misunderstandings about the tax season that we are discussing, once and for all

Many students believe that they do not need to file a tax profit because they do not earn enough money to pay income tax. Although it is true that there is a basic amount of income that taxpayers can get duty-free and tax-free every year (

Most of the students will at least have a bit of money on the basis of a combination of summer jobs, part-time work, scholarships, scholarships and grants. And if the total amount that you received from these sources is greater than the amount of the exception, you must return the return file

But it should not be remembered that many benefits come from applying. The majority of full-time students are entitled to a few deductions that can reduce the amount of taxes you have to obtain and lead to fairly decent reparations. For example, there is

Maybe if you decide to do this old-fashioned pencil and paper. But even in this case, you’re looking at the time in which you are in any place

Using a tax program can further reduce this process. One of the main electronic forms may take the same values as in the case

Each of these methods will require additional time to collect tax declarations and other materials. But once you do, the process will not be as big as people think

Not numbers? It’s not a problem. Tax return does not require many complex mathematical operations.

  • Gather all the information and escort the documents confirming your income. Make sure that they support all the deductions and credits you want to claim
  • Figure shows how you want to use taxes (online? On paper? Tax software? Accountant?)
  • Make sure your personal information is relevant (e.g. marital status, children, banking information, etc.)
  • Report income earned per year from all sources, both inside and outside Canada
  • Find out how deductions, tax credits, and benefits you can claim
  • Send your return to the Canadian Revenue Agency (CRA)
  • Keep the documents in a safe place in case the CRA asks them to see them
  • See? It’s not scary, is it? And if you choose to use tax training, for example

    Although we hope that you are convinced that your taxes are not as bad as doing it, we also understand that you are better off to do this as a professional. Even if you know what you need to do, it can be a consolation, knowing that your tax return is processed by the expert. Besides, if you need a lot of compensation, you need to take advantage of all the deductions and credits available to you. However, when tax legislation is constantly changing, this may prove difficult

    If you are a student in a limited budget, you still have options if you want to go along a professional route. For example, you can use the H&R Block file as $39.99 plus the registration fee. Their qualified tax specialists will help you to properly report on their education, take advantage of tax incentives for students, as well as to transfer unused training and credits to education so that you can claim them in the future

    See? The execution of your taxes does not have to be a shared wave. In fact, a common understanding of the whole process can be indeed empowerment. It’s important to know how much money you’ve taken and where it’s gone. And when you learn about the various credits and deductions available to students, you can use this information to maximize your money and leave more money in your pocket

    * Views expressed in respect of the author, and not necessarily for the “Student life” or their partners

    Jasmine Williams is the author of Torontoon-based materials, she has a master’s degree in media products from the University of Ryerson and a bachelor’s degree in journalism from Carlton University