Students: It pays to do your taxes!

Heading back to school? Make sure tax literacy is on your course calendar! Understanding taxes will help you make smart decisions about your finances – how to put money in your pocket and help you save for a holiday, a car, or a house of your own.

Money in your pocket

• If you are 19 years or older, you may be eligible to receive a GST/HST credit payment four times a year to help with your expenses, even if you do not earn any income.
• Get the Canada Carbon Rebate, a tax-free amount to help eligible individuals and families offset the cost of the federal pollution pricing.
• Have a child under 18? The Canada child benefit helps with the cost of raising your family.

Improve your tax literacy

• Learn about your taxes: a self-paced online learning tool to help you understand what taxes are, how to do them, and what’s in it for you.
• Access free webinars: engaging, user-centric content prepared for students.

Mind your business

If you work while in school, most of your income—like wages, tips, and gratuities—is taxable. Take action now to save yourself headaches at tax time.

• Reporting all your income is important and even tips count! Make sure you know what needs to be reported on your taxes. Learn more: Common types of income for students - Canada.ca
• If you work through an app or a website, you might be considered self-employed. Different tax rules apply when you’re self-employed. Learn more: Starting to work – Learn about your taxes - Canada.ca
• Keep your records for 6 years. This includes emails, contracts, and receipts—about your income sources. It helps at tax time!

Maximize your deductions and claims

There were over 2.4 million claims for tuition, education and textbook expenses in the 2023 tax year. This includes both claims made by students and claims transferred to other qualified individuals. Did you claim what you’re entitled to? If not,

• 16+ and taking post-secondary courses? You can claim tuition credit to reduce what you owe or you could carry it forward. You can also transfer an amount to your parent, grandparent or spouse, which in turn can reduce their taxes. It’s a win-win!
• Moved for school? You may be able to claim moving expenses if your new home is at least 40 km closer to school.
• Paid interest on student loans? You might claim that too, or you could carry it forward and claim it later.

Use our digital tools for easier access to your tax information

• My Account is a cool tool that lets you check the next benefit payment date, the status of your tax return, and keep your personal information up to date.
• Use your cell phone and a government issued photo to register for CRA sign-in services including My Account.
• Sign up for direct deposit in My Account and get your tax refund and benefit payments deposited directly into your account.

Need help? Free tax clinics can help

• Free tax clinics (in person or virtual) are offered between March and April across Canada, but some are open year-round. Find the right clinic for you.
• Looking to volunteer and get work experience? Free tax clinics are always looking for volunteers – you can file tax returns but there’s other roles, too. Visit Volunteer at a free tax clinic for more information.

Contacts

Media Relations
Canada Revenue Agency
613-948-8366
cra-arc.media@cra-arc.gc.ca

-30-