Money Matters

Income tax

T2202A, T1-M, T778, and T4 slips…It’s that time of year again — its tax return season!!

Checkout the revenue agency website for a list of guidelines for when students should file their income tax. I will give a brief list below, but for more information go to: www.cra-arc.gc.ca/students/<http://www.cra-arc.gc.ca/students/> or call at 1-800-267-6999.

Students should file an income tax return if:
1) You want to claim a refund
2) You want to apply for the GST/HST credit
3) You or your spouse or partner want to begin or continue receiving
Canada Child Tax Benefit payments.
4) You want to carry forward or transfer the unused part of your tuition, education, and textbook amounts
5) You have to contribute to the Canada Pension Plan (CPP). This can
apply if, for 2011, the total of your net self-employment income and pensionable employment income is more than $3,500.

If you fit into any of the above categories, your return should be filed by April 30th. Also if you don’t already keep your Notice of Assessment you should, because you will need it later for applying for OSAP or other government benefits.

You should also be aware that there are some types of income that you have to declare and some types of income you do not have to declare.

You DO have to declare:
-Employment Income(T4)
– Research Grants
-RESP Income

You DO NOT have to declare:
-GST/HST credit
-Canada Child tax Benefit payment
-OSAP
-Scholarships, Busaries, Study Grant

Filing a tax return can be confusing! Luckily, there are some free on campus services to help you. For example, a free income tax clinic is available for undergrad students through the University of Toronto Students’ Union: www.utsu.ca<http://www.utsu.ca/>. For international students, a tax clinic is available through the Centre for International Experience: www.cie.utoronto.ca<http://www.cie.utoronto.ca/>

The Family Care Office is also holding a workshop on February 27 at 12:00 pm called Boost your Refund! Tax Preparation Strategies for Families. Visit our website for more details!