Income tax tips

Submitted by Christine Chan on Tue, 2012/02/28 - 10:20am

It’s that time of year again…Income Tax Return time!

Please note:

2011 Tuition & Education Amount Certificates, (T2202A), for income tax purposes are available on ROSI (starting February 21, 2012)
2011 T4A slips (if applicable) are also available on ROSI now. T4A forms, showing scholarship, bursary, fellowship, dependant tuition waiver or loan interest subsidy income for income tax purposes, will be mailed by the end of February

For information on how to claim the interest that you’re paying on your student loan (OSAP), the income from scholarships, fellowships, bursaries and achievement prizes, research grants, moving expenses and other items, find instructions and tips at the following websites:

Canada Revenue Agency (CRA) - view/print the CRA brochure
International students (CRA)
Certified General Accountants of Ontario - the Student Services Office will have a few hardcopies for reference, you can also pick this up at your closest TPL branch
CGA Tax Tips for Students
Globe & Mail Tax Tips for Students (Globe and Mail, Sept. 28, 2011) - watch this informative video

For information on free online tax filing:

UFile.ca - The Canadian Federation of Students has negotiated an agreement with UFile.ca to provide free online tax preparation to all Canadian post-secondary students
NETFILE-certified tax preparation software - 14 Free certified software packages and Web products

Free income tax clinics:

Toronto Public Library (North York Central) - Look for Income Tax Clinic and other related workshops under Business Legal & Personal Finance
Graduate Student Union - Students' Unions usually offer free income tax clinics for residents of Canada with income below $20,000 single/$30,000 family. The program usually starts at the end of March and runs until the end of April. Call to book an appointment: 416-392-1090

Please note that some of these services may start in early March, but it's never too early to start thinking about it if you're getting a refund.

UTAPS and Income Tax Returns
Please note that if you have received a T4A for your UTAPS and you are a Full-time student you do NOT need to declare it on your income tax return. For more information please see http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/130/schlrshp-eng.html.