8 Tax Filing Tips For Students

Students make sure you claim the tax credits, deductions, and benefits you are eligible for when you file your income tax and benefit return. Even if you have little or no income, you should still file your income tax return to claim the tax credits.

Here are some tips to help you do your taxes:

• Remember to collect all T4s from all jobs, and be sure to report them on your tax return. This is to make sure you get the correct refund amount.
• Know what you are eligible for in advance. As a student, there are many things you may be able to claim, including your:

Tuition fees

A tax slip or certificate form (T2202A) from your educational institution with the total eligible fees paid for the tax year. If you have more than one tax certificate, you can claim all amounts in your tax return that are more than $100. You cannot claim the tuition amount on your tax certificate if any of the following applies to you:

• the fees were paid or reimbursed by your employer, or an employer of one of your parents, where the amount is not included in your or your parent’s income;
• the fees were paid by a federal, provincial, or territorial job training program, where the amount is not included in your income;
• the fees were paid (or eligible to be paid) under a federal program to help athletes, where the payment or reimbursement has not been included in your income.

Education amount

On the tax certificate form (T2202A) from your educational institution indicating the number of months you were enrolled full-time in (Box C – $400 times the number) or part-time in (Box B – $120 times the number). Claim those numbers in your tax return.

Textbook amount

You can claim only one textbook amount for each month that you qualify for the full-time or the part-time education amounts.

You can claim the textbook amount only if you can claim the education amount

The amount is:

• $65 times the amount in Box C of the certificate you received from your school;
• $20 times the amount in Box B of the certificate you received from your school.

 

Interest paid on your student loans

Only you can claim an amount for the interest you, or a person related to you, paid on student loan in 2016 or the preceding five years.

You can claim an amount only for interest you have not already claimed. If you have no tax payable for the year the interest is paid, it is to your advantage not to claim it on your return. You can carry the interest forward and apply it on your return for any of the next five years.

 

Public transit amount

These passes must allow unlimited travel within Canada on local buses; streetcars; subways; commuter trains; commuter buses; local ferries.

You can also claim the cost of:

Short-term passes if each pass entitles you to unlimited travel for at least 5 consecutive days; and if you buy enough of these passes for unlimited travel for at least 20 days in any 28-day period.
Electronic payment cards if the card is used to make at least 32 one-way trips over a maximum of 31 consecutive days; and the card is issued by a public transit authority that records and provides a receipt for the cost and usage of the card.

Eligible moving expenses

You can claim eligible moving expenses if:

• you moved and established a new home to work or run a business at a new location;or
• you moved to be a student in full-time attendance in a post-secondary program at a university, college or other educational institution.

To qualify, your new home must be at least 40 kilometers (by the shortest usual public route) closer to your new work or school.

 

GST/HST credit

The GST/HST credit is a tax-free quarterly payment that helps individuals and families with low or modest incomes offset all or part of the GST or HST that they pay.

You no longer have to apply for the GST/HST credit. The Canada Revenue Agency will automatically determine your eligibility when you file your next income tax and benefit return for the 2014 and later tax years.

Your child care expenses

Child care expenses are amounts you or another person paid to have someone to look after an eligible child so that you or the other person could:

• earn income from employment;
• carry on a business either alone or as an active partner;
• attend school under the conditions identified under Educational program; or
• carry on research or similar work, for which you or the other person received a grant.

The child must have lived with you or the other person when the expense was incurred for the expense to qualify. Usually, you can only deduct payments for services provided in Canada by a Canadian resident.

Remember to keep your address up-to-date if you move for work or school.