Improving your tax literacy

Boosting your understanding of taxes will help you make informed tax decisions, allowing you to:

• Take advantage of deductions that lower the amount of tax you owe
• Get benefit and credit payments you are eligible for
• File your tax return with confidence
• Plan, budget, and save for your future

The Canada Revenue Agency (CRA) is here to help navigate the complexities and provide you with tools to support you in managing your tax affairs.

Back to school with some tax savviness

Learn about your taxes is a self-paced online learning tool that will help you understand what taxes are, how to do them, and what’s in it for you. Try a module or watch a video today.

Boost your tax knowledge with podcasts specifically for students!

• Podcast for post-secondary students: Starting your first job or attending university or college? If so, congrats on the big life changes! This episode of Taxology will help you get ready.
• Podcast for international students: Whether you’re a student starting your first year of post-secondary studies or a newcomer supporting your family this episode of Taxology will boost your tax literacy and give you the confidence to make informed tax decisions.

Doing your taxes opens doors to regular payments that can help with your expenses

Still haven’t done your taxes? It’s not too late and there are definite advantages:

• If you’re 19 or older, you could get GST/HST payments, even if you’re not earning any income. This credit is paid out four times a year!
• Canada Child Benefit: If you have a child under 18, this benefit can help you with family expenses.

Unlock hidden deductions

• Tuition credits: If you’re over 16 and in college or university, claim your tuition to lower your taxes or transfer it to your parents or significant other.
• Moving expenses: Moved at least 40 km closer to campus? Those moving costs could be tax-deductible.
• Student loan interest: Paid interest on student loans? You can claim it now or save it for later.

Tips for Students: It pays to report all your income

• Self-Employed?: Driving, delivering, or freelancing through an app? You’re the boss, but different tax rules still apply.
• Report all your income and earn contribution room: Wages, tips, random gigs—it all counts.
• Save your records (receipts and docs) for 6 years. We may ask for them later.

Tax tips for the teacher

Teachers make a difference inside and outside the classroom. You are eligible for tax credits and deductions that will help you with some of your costs:

• Get a 25% refundable tax credit on up to $1,000 of supply purchases each year. Make sure you keep your receipts and obtain a written certificate from your employer, as we may ask to see these later.
• Claim costs for transportation, storage etc., if you moved at least 40 kilometers closer to your new work location. Make sure you keep receipts from travelling or hiring movers. Once you’ve moved, do not forget to update your address with the CRA.

November is Financial Literacy Month

Tax literacy is an important part of financial literacy.

2025 theme: "Money on your mind: Let's talk about it!"

Full details: Financial Literacy Month