Money Matters

Tax Resources and RESP Information 2019

Filing your income tax return can seem daunting, especially if you are new to the process. Although the April 30, 2019 deadline to file may seem far away, it is a good idea to get a head start. In addition to the Government of Canada’s Income tax webpage, below are suggested tips and resources to make your book-balancing experience as stress-free as possible. Whether you prefer to access these resources online or in person, there are plenty of options!

 

White calculator with black buttons sitting on a white sheet of paper.

Free Income Tax Clinics

If you prefer to have someone guide you through the tax process in person, here are some locations at the University of Toronto and surrounding area offering free income tax clinics:

 

If you choose to file your income tax return on your own, take note of these resources:

  • The Centre for International Experience website has a helpful income tax resources.
  • Young and Thrifty has a comprehensive web guide to filing your income taxes, including deadlines, and changes to last year’s CRA rules.
  • If you plan to file your taxes electronically using the Internet, UFile is a straightforward system that is free for post-secondary students and links directly to the Canada Revenue Agency’s Netfile system.
  • Before getting started, you may also want to check out TurboTax. They have an income tax calculator which estimates your 2018 return based on annual income, taxes paid, RRSP contributions, and location.

Registered Education Savings Plan (RESP)

Post-secondary education can be extremely expensive, which is why setting up a Registered Education Savings Plan (RESP) for your child(ren) is a great idea. RESPs are funds dedicated solely for your children’s post-secondary schooling. With these registered plans, you can contribute up to $50,000 dollars per child and the savings can grow without taxation while the funds remain in the plan.

 

Also, the Federal government’s Canadian Education Savings Grant will add up to $500/year/child to your RESP until your child turns seventeen. Although the grant’s lifetime maximum amount is $7,200 per child, families with lower income may qualify for additional provincially regulated top-ups. For more details on how to open an RESP for your child, read this Today’s Parent article.