Welcome to Pay2Day: Pickering’s Pickfair LocationMarch 25, 2019
Tax Advice for the Self-Employed in CanadaMarch 25, 2019
It’s that time of year again! Tax season is upon us, and if you’re working your way through school then you need to make sure you hang onto as much of your money as you can. If you’re looking for tax tips for students in Canada, then keep the following in mind.
1. File Online, Get Everything Done Fast
The Government of Canada website has a complete list of all the online services that students can use when tax time comes around. If you file digitally you get your documents in more quickly, and that means you get your rebate as fast as you can. It also means you get instantaneous confirmation, and you don’t have to worry about the potential problems of your tax documents getting lost in the post.
2. Make Your Tax Credits Work For You
When you’re a student, you have access to all kinds of tax credits! The ones you need to remember the most when you go to fill out your documents according to TurboTax are:
– Tuition Tax Credit: If you pay tuition to attend college, then you will likely qualify for this credit.
– Student Loan Interest Credit: If you have student loans, then the interest you paid on them can often be claimed as a tax credit.
While you may qualify for other credits, there are going to be the two big ones you need to look at when you’re filing your taxes as a student.
3. Claim All Your Deductions
Much like your credits, it’s important to get all the deductions you’re entitled to when you’re a student. Some of the most common deductions for students, according to Tax Tips, are:
– Moving Expenses: Keep your receipts if you’ve moved for school.
– Childcare Expenses: If your kids are in daycare, then make sure you claim that on your taxes, too.
While there were other costs you could claim in the past, such as public transportation expenses, many of those have been eliminated after 2017. So remember to always check the current year’s deductions to be sure you aren’t doing something you shouldn’t!