Filing Your Tax Return
Mark: Hey, what's in it for me?
What's up people? I'm Mark. And I'm here to point out all the tax stuff out there that you can, and should, take advantage of!
Somebody once said nothing is certain but death, and taxes.
Well death is really a drag, but filing a tax return could put some much-needed cash in your pocket. And let's face it, we all need money for rent, gas, movies, dates. If you're in university, or college, for tuition, books, a laptop.
And for foooood!!!
"Food, glorious food. Hot sausage and mustard!" … I digress.
If you've never filed an income tax and benefit return before… Don't be scared.
You might be asking yourself, why should I file now? And, hey, what's in it for me?
Two words dude. Re and fund… Put them together and you could get a refund!
So how does it work?
Well it all starts with filing your return. Even if you didn't make any income in the past year, you need to file so that you can get tax benefits and credits.
First up the good ol' GST/HST. Depending on where you live, that baby has different effects on the price of things you buy every day. But, if you don't make that much income in the first place, you can apply for a GST/HST credit to offset all, or part of the GST/HST you pay.
That's like potentially getting free money back on everything you buy!
You know that could really add up… To the tune of up to $400 for the year!
Did you know that if you move 40 kilometres closer to where you work, or go to school, you might be able to deduct your moving expenses? Yeah.
Mark's helicopter crashes: That's not good.
Now, if you're going to college, or university, there are a whole bunch of tax breaks you could potentially cash in on! Like, if you're a full or part-time student, you may be eligible to claim tuition fees; as long as they were more than one-hundred dollars a year.
And if you're claiming your higher education, you can also get the textbook amount. That's sixty-five dollars per month, over the school year, if you're a full-timer. Twenty dollars per month for each month you're attending as a part-timer.
And now if you have student loans to repay… Then you're all too familiar with the dreaded interest that seems to grow like green toxic mold on the cheese you forgot in the back of your fridge.
Well, the good news is, you may be able to claim most of that interest.
And that's a lot easier to swallow, isn't it?
These are just some of the tax benefits and credits out there that you could potentially cash in on.
There are more!
To find out more about them go to www.cra.gc.ca/youth.
So file your taxes people! And, get your return in before midnight on April 30th to avoid any hiccups on getting your refund that much sooner.
Mark hugs a bundle of money: My precious!
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