If you’re a student in the GTA, you know that it’s about that time again: You’re almost halfway through the semester and your bank account isn’t looking that great (we feel you).
But what if we told you that you probably already have some serious money that can help you save towards your higher education costs? Yep, we know it sounds too good to be true. So if you’re still not convinced, we’ve broken it down (with the help of Turbo Tax) to figure out exactly how to get it. And no, you don't need to be an expert at math to figure this out!
If you’re an Ontario student enrolled in post-secondary education, as long as you’re enrolled, you really don’t have to do much to get your return! All you have to do is submit your taxes in the spring and you can claim at least $120-$400 for every month that you’re enrolled in your program (thanks to the Tuition Tax Credit!).
Feeling left out as a part-time student? Not to worry, you’re covered too! As a part-time student at an accredited post-secondary institution, you can claim up to $120 per month. FYI, that’s $960 for an 8-month school year of part-time studies (yep, we did the math for you!).
You can actually receive 15% of that money as a tax credit if you work full-time or had to pay taxes on RESPs. The way it works is that the number you claim is multiplied by 15% to arrive at the “non-refundable tax credit”.
And btw, if you’re already a student and haven’t been claiming your textbook amount and student loan interest credits, you are seriously missing out! If you don’t know how to get started, don’t worry, we got you.
First of all, make sure to keep all your receipts for your textbooks (you can claim up to $65 per month as a full-time student and $20 as a part-time student) as well as your tuition receipts each semester. You can even carry forward your Student Loan Interest Credit. Also, if you’ve moved 40 km or more for your post-secondary studies—you can claim that too!
Once you’ve rounded up all your receipts and tax slips, it’s time to actually do your taxes (yes we know--we've been putting it off too). If you’re about that student life, you know hiring an accountant can get pricey (and why pay someone to do what you can do for free?). TurboTax has a FREE option to get your taxes sorted out (yes, you can even do it in the comfort of your own home, in those sweats).
We don't know about you, but saving a few receipts here and there and filling out some light paperwork online is soo worth getting that hefty tax return in the mail!
If you want an easy way out of doing your taxes (and a way to get a greater return back!), check out the TurboTax free student option. Even if you're not a student, they've got a range of options that will suit your needs.