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May 30, 2024 · You can take care of all tax matters while your child is in college by becoming an authorized representative with the Canada Revenue Agency (CRA). Your child just needs to set up a CRA My Account and activate you by using the “Authorize My Representative” service on the My Account web page.
- Before you start. Do you have to file a return? As a student, you must file a return if any of the following situations apply: you have to pay tax for the year.
- Filing your return. You can file your return through a service provider using EFILE, you can file it yourself online by using NETFILE, using the Auto‑fill my return service, or you can file a paper return.
- Types of income you may have. Most income you receive is taxable and you have to include it on your return. The most common types of income you may receive as a student include
- Common deductions from income. The most common deductions that apply to students are moving expenses and child care expenses. For more information on other types of deductions, see the Federal Income Tax and Benefit Guide.
May 26, 2022 · Learn how having a child in college can affect your taxes, and review the credits and deductions the Canada Revenue Agency offers students. Find out ways to transfer credits from students to parents.
This page provide information for students on topics such as benefits of filing, common deductions and credits, GST/HST credit, CCTB.
The most common deductions that apply to students are: child care expenses; moving expenses; The most common non-refundable tax credits that apply to students are: Canada employment amount; interest paid on student loans; tuition, education, and textbook amounts; Some of common refundable tax credits are: Canada training credit
Sep 18, 2023 · How do you file taxes in Canada as a student? If you’re using TurboTax, the process is fairly straightforward. Here’s what you need to do: Collect your paperwork. Gather together all your tax-related documents and receipts together.
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Easing the financial demands faced by students. If you’re a student, tax planning may not rank very high on your list of priorities. However, when you consider that taking advantage of certain tax credits and deductions may be beneficial in helping you stretch your funds while in school, it makes sense to learn and understand the options out there.
