News Column

Tax Tip: Grab That Teachable Moment-Talk to Your Kids About Taxes

Apr 8 2013 12:00AM

Marketwire

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OTTAWA, ONTARIO -- (Marketwired) -- 04/08/13 -- Did you know?

Students who don't file a tax return may be missing out on benefits and tax credits.

Important facts

Whether you're a teacher or a parent, you can help the students in your life with a few wise words of advice: file a return this year.

Here are some of the reasons why:

-- If you are 19 years of age when you file, you can apply for the goods and services tax/harmonized sales tax credit. That could mean a payment to you every three months-which is pretty handy for day to day expenses.-- It's quick, easy, and likely free to file online as a student with a modest income.-- File your income tax and benefit return on time to make sure there are no interruptions to your benefit and credit payments.-- Any taxes paid on that job at the sandwich shop or movie theatre may come back as a refund - but only if you file.-- Students may be entitled to deduct from any income they earned the cost of: -- tuition; -- books; -- moving expenses; -- student loan interest; -- transit passes; and more.



Plus reporting any income (no matter how modest!) opens up registered retirement savings plan contribution room---even if it's not used right away. What a great opportunity for future tax savings when your income - and taxes - are higher.

The Canada Revenue Agency (CRA) has online resources that can help. For information about credits and benefits for students, go to www.cra.gc.ca/students.

The CRA's online services make filing even easier and getting your refund faster

The CRA's online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund and more. Sign up for direct deposit too! Your refund and any benefit or credit payments owed to you will be deposited directly into your account, putting your money into your pocket faster. For more information, go to www.cra.gc.ca/getready.

Stay connected (www.cra.gc.ca/socialmedia)

To receive updates when new information is added to our Web site, you can:

- follow the CRA on Twitter - @CanRevAgency;

- subscribe to a CRA electronic mailing list; and

- add our RSS feeds to your feed reader.

You can also watch our tax-related videos on YouTube.



Contacts:
Noel Carisse
Media Relations
Canada Revenue Agency
613-952-9184





Source: Marketwire


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