Many post-secondary students are filing a tax return for the first time this year. Our friends at Canada Revenue Agency have put together some simple tips that can help you maximize your returns, and make filing your taxes a breeze!
Why students should file their taxes
Filing often leads to extra cash in the bank. Even if you’re not making much money, chances are you’re eligible for some benefits and credits.
Did you know that most of the money you spend on tuition may be used to claim a tax credit? The credit is non-refundable, meaning it will reduce your federal tax up to the amount of tax owing.
Even if you didn’t make enough money last year to need the credit, you can carry it forward to after university, saving you money later when you owe tax on your income. You can also transfer it to your family or partner to help them reduce their tax owing. Continue reading