Grab that teachable moment—talk to your kids about taxes

Did you know?
Students who don’t file a tax return may be missing out on benefits and tax credits.

Important facts
Whether you’re a teacher or a parent, you can help the students in your life with a few wise words of advice: file a return this year.
Here are some of the reasons why:

• If you are 19 years of age when you file, you can apply for the goods and services tax/harmonized sales tax credit. That could mean a payment to you every three months—which is pretty handy for day to day expenses.
• It’s quick, easy, and likely free to file online as a student with a modest income.
• File your income tax and benefit return on time to make sure there are no interruptions to your benefit and credit payments.
• Any taxes paid on that job at the sandwich shop or movie theatre may come back as a refund – but only if you file.
• Students may be entitled to deduct from any income they earned the cost of:
  • tuition;
  • books;
  • moving expenses;
  • student loan interest;
  • transit passes; and more.

Plus reporting any income (no matter how modest!) opens up registered retirement savings plan contribution room---even if it’s not used right away. What a great opportunity for future tax savings when your income – and taxes – are higher.

The Canada Revenue Agency (CRA) has online resources that can help. For information about credits and benefits for students, go to www.cra.gc.ca/students.

Canada Revenue Agency

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