Tax Time

InfoLink - Wed Mar 06, 2013

Yes, it’s that time of the year again… time to do your taxes! As a student, you may believe that you are not earning enough income to have to pay taxes and in the midst of midterms and finals, filing a tax return may be the last thing on your mind. However, you may be missing out on some extra cash. In other words: Free Money!! (Sort of.)

By filing a tax return, these are a few things you can take advantage of:

1) Even if you don’t have any income, you can apply for the GST/HST Credit. This is a payment made to help low to mid income individuals cover an amount of GST or HST they pay. (Who doesn’t love when a cheque arrives in the mail?)

2) If you have worked at a part time or summer job, your employer will have likely deducted some tax off of your paycheck. Since many students don’t fall under a taxable income bracket, this amount may be refunded to you.

3) As a student, you can claim tuition, education, and textbook amounts to reduce the amount of taxes you have to pay. If you don’t owe any taxes, this amount remains as a credit in your account and carries into the future. Once you graduate and land a full time job, you can use this credit to reduce a portion of taxes you pay.

If you need some assistance with filing your taxes, take advantage of the free tax clinic offered by the U of A Accounting Club, located in the Business Tory Atrium that runs from March 4 – 24.

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