Tax tips for university students

You're about to start your first co-op work term and you’re eager to jump into your first task, to get to know your colleagues and to start impressing your manager.  While starting a new job comes with the excitement of learning something new, it also comes with some responsibilities.  If this is your first job, it might be the first time you’ve had to consider things like employment deductions and taxes.  If you’ve had a part time job before, maybe you have some experience completing a TD1 form, filing a tax return, or receiving a tax credit.  Either way, there is lots to know and learn to ensure you can enjoy your hard earned money.

Canadians file their tax returns in April each year.  Most Canadians are required to file their return by April 30th and if you’re earning employment in Canada, you’ll likely need to file one too! Due to COVID-19, the deadline for filing your individual tax return, which normally falls on April 30, is now June 1, 2020.

This site contains tips to help you become more familiar with the tax benefits and obligations that are especially relevant to students like you.  These tips have been drafted by students in the Young Tax Professionals group.  These tips should not be considered tax advice.  It is important to remember that each person’s tax situation is different and there are no set of instructions that can be applied universally.  A good resource is CRA’s income tax guide for students which can be found at http://www.cra-arc.gc.ca/formspubs/tpcs/stdnts-eng.html and as always, if you are unsure or have questions about your unique tax situation, it is recommended that you consult a professional tax advisor.