![]() ![]() Keep all the receipts you’re using to claim tax deductions or credits, as well as any records of your pay if you’re working.If you join a union for a summer or part-time job, you can claim the amount you paid in union fees.To qualify for this, you must have moved at least 40 kilometres closer to your new work or school. ![]() If you moved to study full time at a university, college, or other post-secondary school, or if you moved to work full time during the summer, you might be able to claim your moving expenses.For more information, check out P105 Students and income tax: Transfer or carry forward amount. You are also allowed to save any unused amounts of tuition, education, or textbook costs and claim them in future tax years.If you have used enough of your tuition, education, and textbook amounts to bring your owed tax amount to zero, you may be able to transfer all or part of the remaining amounts to a family member.If you paid tuition or examination fees, you may be able to claim a tax credit.You may be eligible for the Refundable Medical Expense Supplement.You may get a tax credit for the interest charges you’re paying on your student loan.If you were/are working, you might be able to claim the Canada employment amount. Any one of those credits or deductions can result in you receiving a tax refund. Understand tax credits/deductionsĪs a student, you might be able to claim tax credits and deductions. Tip: Get information on filing your taxes at the Canada Revenue Agency’s (CRA) Personal Income Tax website or call the CRA information line at 1-80. You might also be able to claim the goods and services tax (GST) credit or the Canada workers benefits. Things like tuition and other payments for school, child care, medical expenses, and moving expenses may be applied to your tax return and might get you a refund. You will need your receipts for any credits or deductions you can claim on your taxes, for either option. Or if you prefer a printed tax package, all you need is some basic math. Student taxes can be less challenging than other tax returns, as students don’t usually have a lot of income or deductions to claim.Īll it takes to file an income tax return online is certified tax software, some of which are free. You don’t have to submit any supporting documentation when you file, but be sure to keep it in case you are audited or if the CRA has any questions.There may be no better time to learn about filing your taxes than when you’re a student. Specific details and dollar amounts of your moving expenses.To claim any of these moving expenses, you will have to complete form T1-M, “Moving Expenses Deduction.” On this form, you’ll need to report: While you do not need to keep detailed receipts for your expenses, the CRA may still request for documentation to support your claim. Vehicle expenses can claim 53 cents/kilometre. Simplified Method: Meals can be claimed at a flat rate of $17/meal to a maximum of $51/day. These are broken down as follows: Detailed Method: You must keep all receipts in order to claim the actual, full amount you spent. In order to claim moving expenses on your tax filing, there are a few steps you’ll need to follow, and two different methods for reporting costs. Your new home that you established is at least 40 kilometres closer to your new place of work or business than your previous home was.You earned employment income or self-employed income at your new location.You moved during the year and established a new home to start a new job or a business.You are a deemed or factual resident of Canada, and the move was from one place where you ordinarily resided to live in another place where you will ordinarily reside.You are an employee or a self-employed individual who moved from outside Canada to a new work location in Canada, from Canada to a new work location outside Canada, or between two locations outside Canada.Here is the exact criteria, per the Canada Revenue Agency’s guidelines: Most importantly, you must be employed or self-employed and require the move in order to continue employment, start a new job, or open/relocate your business – or, you’re a student relocating in order to attend a post secondary institution. There are a few stipulations that must be met in order to be eligible to claim tax deductions on your moving expenses. Recommended Reading: Renter’s Guide To Getting A Bigger Tax Return with Taxback ![]()
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