Canada Revenue Agency revealed what students need to know when filing taxes this year
Now that taxes can be filed, students in Canada might be wondering what that means for them.
Canada Revenue Agency recently revealed tax tips for students, including tax credits, deductions, free tax clinics and more.
Whether you're filing Canada taxes for the first time now that you're attending post-secondary school or have submitted tax returns before and have questions, here's what you need to know!
When is the last day to file taxes in 2024?
The deadline to file taxes in 2024 is Tuesday, April 30 for most Canadians.
If you or your spouse or common-law partner are self-employed, the deadline to file your tax return is June 15.
But since that's on the weekend, your return is filed on time if the CRA receives it or it's postmarked on or before June 17, 2024.
Regardless of your employment situation, your payment is due on April 30 if you owe money to the CRA.
How do you file taxes?
If you're wondering how to file taxes, you can do your tax return online or by paper or have someone else complete it for you.
Filing options in Canada include:
- online with NETFILE-certified tax software
- online through a tax preparer using EFILE-certified tax software
- in-person at a community volunteer tax clinic
- a paper tax return
- by phone through SimpleFile (invitation only)
Are there tuition tax credits?
There are education-related deductions and tax credits students can claim on tax returns.
If you're 16 or older, you can claim your tuition fees at a post-secondary institution as a tuition tax credit to reduce the amount of taxes owed on your return.
It's claimed on line 32300 on your tax return.
Students in Canada need Form T2202, Tuition and Enrolment Certificate from their post-secondary institution to claim their tuition fees.
You can claim moving expenses on your tax return if:
- you moved to be a full-time student in a post-secondary program at a university, college, or other educational institution
- your new home must be at least 40 kilometres closer to your new school
You can claim an amount for the interest paid on your student loan in 2023 or the previous five years if you received it through:
- Canada Student Loans
- Canada Student Financial Assistance
- Apprentice Loans
- provincial or territorial government laws similar to the above
What federal benefits can students get from a tax return?
Federal benefits like the Canada Child Benefit, GST/HST credit and Canada Carbon Rebate are tied to your tax return.
So, if you're a student, filing your taxes on time can ensure that you start to or continue to receive any benefits and credits you're eligible for.
Do you need to file a tax return if you're studying abroad?
Even if you're studying abroad and not living in Canada, you can still be a resident of Canada and need to file a Canadian tax return.
The CRA shared that when studying abroad, you may be considered a factual resident for income tax purposes if you keep significant residential ties in Canada.
As a factual resident, your income is taxed as if you never left Canada and you need to file a tax return.
You may be considered a non-resident for tax purposes if you don't have significant residential ties in Canada, live outside Canada throughout the tax year, and stay in Canada for less than 183 days in the tax year.
As a non-resident of Canada, you pay tax on income from sources in Canada but the requirement to file a tax return depends on the type of income you receive.
Do international students need to file a tax return?
If you're an international student in Canada, you could be a resident of Canada for income tax purposes.
That's because your residency status for income tax purposes is different than your citizenship status.
When you have enough residential ties in Canada, you need to file a Canadian tax return.
Residential ties include a home in Canada, a spouse or common-law partner in Canada, dependants in Canada, economic ties in Canada (like a Canadian bank account or credit card), a Canadian driver's licence, health insurance with a Canadian province or territory, and more.
Can students get their taxes done for free?
The CRA offers the Community Volunteer Income Tax Program (CVITP) across Canada to get your taxes done for free.
Community organizations that partner with the CRA host free tax clinics where volunteers complete tax returns for eligible individuals.
These free tax clinics have walk-in, drop-off, and in-person, virtual or phone appointments.
You need a modest income and a simple tax situation to be eligible for the CVITP.
That can include students in Canada.
This article's cover image was used for illustrative purposes only.
