Filing personal income taxes

Friday, February 12, 2021
Filing personal income taxes

It’s that time of year again – tax season. As a student, your schedule is hectic as you keep on top of assignments, tests, projects, part-time jobs, after-school activities and volunteer work. Doing your taxes is probably the last thing on your mind, but remembering to file your taxes is important, even if you didn’t earn any income. 

Woman using laptop and calculator to file personal income taxes.

Why you should file your taxes

You can receive benefits through filing your taxes. Residents of Ontario are eligible to receive the goods and services/harmonized sales tax (GST/HST) credit and Ontario Trillium benefit.

You can also receive a tax credit on college and university tuition fees. T2202 forms are available through all post-secondary institutions and need to be included along with your other documents when you file your taxes. This credit helps you to save money by lowering the amount of tax owed and can be carried forward to future years. 

If you earned income, you could be eligible to receive a tax refund. This is the extra money that you have already paid through deductions on your paycheque. If there was a surplus amount, then you are entitled to receive it back.

Free tax filing software

The CRA website has a variety of certified software programs that enable you to file your taxes online, free of charge. Additionally, there are free tax clinics that are available to help you do your taxes.

The Community Volunteer Income Tax Program provides free tax clinics all throughout Canada where volunteers are available to help guide you through the process. This year, the clinics are taking place virtually.

Man calculating personal income taxes.

While it may seem daunting, it is important to get into the habit of filing a personal tax return each year. If you have never filed a return before, now is a great time to start! If you have any questions about filing your taxes, contact a tax professional in your area for more information.

If you are an international student, visit the Tax Information for International Students page on our website to find out more about filing your Canadian tax return.

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