It’s Tax Season: Tips for Students

***This blog post is not tax advice. You should not file your return using solely the information written below. Please consult official sources for information on how to complete your tax return.

Tax Season is probably the most polarizing season out there. You are probably either dreading doing your taxes or have been looking forward to this moment for the past year. 

Okay, let’s be real. Not that many people out there get excited for taxes so I’ve put together a short list with the very basics to help you get started on your taxes this year. I hope it won’t be too taxing to read. 

Luckily, most students and young professionals have a fairly simple tax situation. If you’ve worked this year you should have received a T4 from your employer. This slip shows your total remuneration received from your employer and all the deductions that were withheld from your pay as well as other informational boxes.

I wrote a whole paragraph about these information boxes, but decided to delete it because it didn’t reconcile with the theme of the very basics. I don’t believe that I've accrued enough good will with you yet where you would be willing to take time out of your busy day to read about them.

Did you get CERB, CESB, or other COVID related government payments this year? You also should have received a T4A either in the mail or sent to your CRA account inbox. For many of these programs, no deductions were taken and they are taxable (it’s accrual world, isn’t it) so you may end up owing rather than receiving a refund depending on your personal tax situation.

Students! If you made a withdrawal from your RESP look out in the mail or check online to see if you have received your T4A!  You’ll also get a T4A for any student grants from OSAP or if you received bursaries or scholarships. Again, check your school’s website and with whomever you received grants from. You’ll also need your tuition & enrollment certificate, otherwise known as a T2202, issued by your school

Did you make any donations in 2020? If so, check your email to find a charitable receipt as you may be able to reduce your tax owing. Check out the CRA’s website for more information.

Did you pay rent this year? Don’t forget to ask your landlord for a rent receipt as you may qualify for the Ontario energy and property tax credit (OPEC).

Are you a young professional who worked from home in 2020? You may be able to claim some home office expenses. Check out the CRA’s website to learn more.

Okay, let’s say that you’ve got everything together that you need to complete your return. Now what? Here’s a link to the CRA’s website who has a whole host of links to free and paid software you can use. 

Would you prefer help from a professional? Here’s a link to a list of CPA accredited firms in Ontario in good standing with CPA Ontario (the regulatory body of accountants in Ontario).

When it comes to taxes, don’t be like excel trying to figure out what is and isn’t a date and just guess. Do some research, ask someone for help if needed.