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May 30, 2024 · What you may not know is that, as a parent, there are ways you can assist beyond simply paying the bills. And, one of those ways is managing your student’s taxes. If your child is attending university, they can designate you as a representative for tax purposes; and you or family members can even benefit from tax savings generated by the student.
If you were a student in 2023, the Guide P105, Students and Income Tax, will give you helpful information about filing your 2023 Income Tax and Benefit Return. If you are in Canada as an international student, go to Taxes for International students studying in Canada.
- 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 · Students may transfer a maximum of $5,000 minus the amount they claimed on their taxes. For example, if a student claimed $1,000, they could transfer $4,000 to their parents to help offset their taxes owed. If you claim an amount transferred from your child, you do not have to complete schedule 11.
Sep 18, 2023 · Do students under 18 pay taxes? There’s no one-size-fits-all answer to this question too. Whether you’ll need to pay taxes depends on several factors, such as the amount of income you make, the type of income, and the tax credits you may be eligible for. You can get a quick and easy estimate of your taxes using our online tax calculator.
Feb 21, 2018 · Even though these amounts can no longer be claimed, students can still carry forward any amounts not claimed in previous years. Interest paid on student loans. Students may be able to claim an amount for the interest paid in 2017 on a student loan for post-secondary education.
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Tanya is a single parent. Her son, Philip goes to college and works part-time in the bookstore. He makes very little money. Tanya may be eligible to claim the unused part of Philip's eligible current year's federal tuition amount and the unused provincial and territorial tuition, education, and textbook amounts that he does not need to reduce his federal income tax to zero.
