Tax season can definitely feel overwhelming if you're a student (especially when it overlaps with midterms!) — but it doesn't have to be. Check out our easy guide for getting an A+ on your taxes:
1. First order of business: figure out if you're what the Canada Revenue Agency (CRA) considers a "qualifying student."
2. Once that's sorted, mark the deadline to file your income taxes in your agenda or your calendar.
3. But you don't need to wait until April 30! The sooner you file, the sooner you receive your refund.
4. Before you get started, determine if you've made more than the basic personal amount of income. This is the amount that would require you to pay taxes.
5. Heads up, though: Even if you earned under this amount (or didn't make any money this year), filing your taxes can put money back in your pocket.
6. Get registered on CRA's online portal.
7. Start tracking down everything you need, like the T2202 Tuition and Enrollment Certificate. You'll get this from your school by the end of February.
8. You can also claim fees from job-development courses or occupational, trade, or professional exams.
9. If you are working, you'll also need your T4, which will show the income you earned last year.
10. Take time to figure out whether you're eligible for certain tax credits and deductions, like moving expenses.
11. You can factor in any scholarships or grants you have too.
12. Once you have everything you need, organize all your tax-related docs and receipts together so they're all in one place.
13. It seems like a long time, but keep all your records for at least six years.
14. Don't worry — mistakes happen, even on tax returns. But you can always request a change to a return made in the last 10 years through CRA.
15. BUT a great way to avoid any mistakes on your return is by filing with the help of a tax expert.
You don't have to go at it alone! Thankfully, students file for less at H&R Block. No matter your level of knowledge or tax sitch, it's easy to get them done with the help of H&R Block. Learn how to book an appointment, drop off your docs, or file with a remote tax expert here.
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