April 17, 2013

It's Tax Time...

While your mind may be on finals right now, I hate to tell you that it's also tax time. You may not realize it, but there's an excellent chance that even as a “starving student,” you probably have to file your income taxes. The reality is, if you've earned any money and paid (or not paid) taxes in 2012, the Canada Revenue Agency (CRA) says you must file an income tax and benefit return.

I know, I know, how could April get ANY better!? Finals, filing taxes, a winter that never ends... 

Anyway, If you're an undergrad, you're probably focussed on studying for your final exams right now, and rightly so. However, whether you are an undergraduate or graduate student, here's some good info for you during tax time (from the federal government, believe it or not.) There's even a series of videos to guide you through the process and answer questions. I wanted to pass this info along now, even if it's just to put your mind at ease. That way when you do turn your attention to the taxman, you'll at least have some good, even valuable information that can put a little tax-return money in your pocket.  

Because it's not all bad. Did you know that in 2012, more than $7 million was claimed for education, tuition fees, and textbooks? You might be able to claim deductions for interest paid on your student loans or public transit—including your UPass fees. You might even discover that you’re eligible for the GST/HST credit or that you can claim deductions for moving expenses.

So, relax, unwind your mind, and stay focussed on your finals. When you're done, look into filing your taxes if you haven't done so already. It's a pain, but it really could be worth your while; even a small return would make for a nice start to your summer.

by Jason Cobb