We have received a number of questions recently from students concerned about income tax returns and what they need to do to file them.
International Education will be hosting more detailed information sessions in late February / early March—watch our weekly email for details! In the meantime we’ve compiled some useful information below.
The services and benefits provided by the government in Canada are supported through taxes, including tax on income. An Income Tax Return helps you determine the correct amount of tax to pay, and determines a refund amount if you have paid too much tax in the previous year.
Check out this fact sheet for newcomers from the Canada Revenue Agency to learn how to file your tax return and how you can benefit from doing so.
Do I need to file a tax return?
You should file taxes if you are a Canadian resident and/or have earned taxable income during the previous year. Even if you don’t owe taxes, filing a tax return can help you receive credits and refunds (for example, tuition rebates, rent rebates, or credits for children). International students are encouraged to check this Canada Revenue Agency web page to see if they will benefit from filing a tax return.
For more details, or if you are not sure whether you should file a tax return, read this Canada Revenue Agency webpage, or talk to a tax professional.
All your information slips (employment, tuition, etc.) should be available by the end of February. Your College information slips will be made available through the HUB. The deadline for filing your tax return is April 30. You may file a return after the deadline, but you will have to pay a penalty and interest if you owe additional taxes. If you are receiving a refund, there is no penalty for filing late
Volunteer Tax Preparation Clinics
Volunteer tax preparation clinics are generally offered to between February and April each year at various locations. If you have a lower income and are filing a simple tax return, volunteers will help you fill out and file your income tax forms. Remember to bring all your tax information slips and receipts.
Professional Tax Preparation
A tax professional can assist with preparing and filing your tax return, and advise you on ways to maximize your credits available. Costs can range between $30-100 for preparing and filing a basic return (complex returns may be higher). See here for a directory of income tax preparation services in Winnipeg. One or more private companies may also be set up on campus to offer tax services to students.
Do-It-Yourself Tax Preparation
If you are confident that you can learn how to prepare and file your tax return, you may choose to file your taxes yourself through the Canada Revenue Agency’s Netfile program. There are a number of third-party software packages which can assist you to prepare and submit your taxes. A list of certified software providers is available on the Canada Revenue Agency Website.
Collect Your Information
Whether you do your taxes yourself, receive assistance, or use a professional service, it is important that you provide all of the relevant receipts and information slips from employment, tuition, charitable donations, and other relevant documents. If you use a professional tax preparer, they can provide you with a list of documents to collect.
After you file your tax return, keep copies (or originals, if you file electronically) in your records. Canada Revenue Agency may ask to review your documents for up to 6 years.
Tuition Tax Receipts
For income tax purposes, T2202A tax receipts are normally available through your Hub account at the end of February for the previous calendar year. T2202As are only available online and are not mailed out by the College.
Are you an international student studying in Canada? (Canada Revenue Agency)
Your Student Integration Coordinator has information, resources and support to help with this or any other questions or challenges you may have. We would be happy to help you prepare for success! Email us at firstname.lastname@example.org!