Top 8 Things Students Need to Know

It’s the beginning of a new school year and your tax deadline isn’t until after exams next semester, there are still some things you need to think about in terms of your taxes. CRA has put out a list of the Top 8 things students need to know at tax time.

Most of the things on their list are just asking you to sign up for their online services, but the first two items on the list are crucial

Collect your T4s

You may have only worked at that restaurant for 3 days this summer but keep track of every job you had and make sure you get a T4 from each of them by the end of February. Any tax they withheld could increase your refund next spring.

Download your T2202A

Most schools don’t print tax receipts anymore. At tax time, you will be able to download a copy of your T2202A which will show how much tuition you paid and how many months you attended school in 2015. While the credits aren’t as high as they used to be, this slip could still save you thousands of dollars in tax.

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