1. Deduct your tuition fees

There are many benefits to filing your tax return, even if you do not earn much income during the year. You know this better than anyone: with post-secondary education comes a hefty bill. If you are eligible for a tuition tax credit, you could see your tax liability melt away. This non-refundable tax credit could cover your entire debt or even help you get a tax refund.

It’s worth doing the math!

What will you need?

Tax slips T2202 – Tuition and Enrolment Certificate and RL-8 – Post-Secondary Education Amount issued by your post-secondary institution.

2. Doing your (taxes) homework

Students are required to file an income tax return if they have received income during the year. And by income, we mean all income: summer jobs, occasional shifts in the family business, apprenticeships and a portion of scholarships, research grants, education assistance payments from a Registered Education Savings Plan (RESP).

The good news is that, depending on your annual income, some of the money taken from your paycheque may be refunded.

3. Avoid leaving money on the table

Several tax incentives specifically target students. When you do your taxes, you make sure you take advantage of the deductions and tax credits to which you are entitled.

For example, you may be able to deduct certain expenses such as exam fees, admission fees or the cost of an identification card. If you moved more than 40 kilometres away for school, you may be able to get reimbursed for the cost of the move (except for the pizza at the end of the day). For students with learning disabilities, tutoring fees are eligible for a deduction.

So many opportunities to get those few dollars back! 

4. Preparing for the future 

When you declare your income, you begin to accumulate Registered Retirement Savings Plan (RRSP) contribution room. While not always a priority when you’re first starting out, this contribution room will come in handy as your salary increases after graduation.

Another benefit is that young taxpayers can start receiving the Canada Groceries and Essentials Benefit (formerly the GST/HST Credit), if they qualify, as soon as they turn 19.

5. Check a box on your to-do list

Taxes are a lot less complicated than you might think, especially if you choose to file online. No matter how complex your tax, work, family (or romantic) situation is, your tax return can be done online with an upgrade at no added cost if you are 25 and under with Intuit TurboTax. 

To ensure that young students and workers get the best possible tax return for their situation, Intuit researches over 400 credits and deductions that they may be eligible for. When you file your taxes electronically, you also avoid processing delays and speed up the payment of a refund, if you qualify.

Easier than trying to get Taylor Swift tickets!