Financial Literacy Week presents: Tax tips for students

Financial Literacy Week is here to help you!

CUSA is here to lend you a hand during tax season. April is known not only for the stress of final exam season, but tax season as well. Of course, you need to make sure you’re paying what the law requires, but you also want to take advantage of all the tax credits you can. Here are a few tips to help you get the most out of your tax return.

  1. When filling out your tax return, you have to include any tips from your job. Even if they are not included on your T4, it is still your responsibility to claim them as income.
  2. If you are a full-time student and have scholarship income, it is most likely non-taxable. If your form T2202A from Carleton shows you’re eligible for a full-time education credit, then your scholarship income will be tax-exempt. On the other hand, if the scholarship came from your employer, it’s likely to be considered employment income and will be taxed.
  3. If you’ve made any charitable donations this year and you are a first time donor, there is a new “super-credit” available that boosts the value of donation tax credits by 25% if the donation was made after March 20, 2015. Like tuition and education credits, unused amounts from the charitable donation credit can be carried forward to future years.
  4. A common sentiment expressed by students is that they don’t earn enough income, so there is no point in filing a tax return. Unfortunately, this is not actually the case.  There are several reasons why you should file a tax refund even if you don’t owe anything:
  • If you paid any tax, you’ll need to file to get a refund.
  • If you have credits that you can’t use this year but can carry-forward to future years when you will have tax to pay, file a return so that these amounts are put on record.
  • Your tax return will be used to assess your eligibility for the GST/HST credit. Also, if you have income, reporting it will increase your future RRSP deduction limits.

These are just a few of the tax facts that are relevant to many students. You will certainly have others if you’re an international student, a student with a disability, a married student or a co-op student.

For help with your taxes this year, come out to CUSA’s Financial Literacy Week from March 21-24.
Time: 12-4pm
Location: University Centre atrium
What to bring: SIN number, T4 slips (if you work), T2202 (Print from Carleton Central), Donation Receipts, Rent Receipts, Bus Pass (Print U-Pass receipt from Carleton Central)

Also, make sure to check out CUSA’s other Financial Literacy Week events:
Let’s Talk Credit Workshop, Wednesday, March 23 from 12pm-1:30pm in the Library Discovery Centre 482
ScotiaBank in the UC atrium, 10am-4pm Tuesday-Thursday to answer all your banking questions