Being a student comes with a heavy work load, tuition fees, and modest part-time work. Unfortunately for 2018, the textbook and education tax credits were also eliminated, making it an extra rough year for students. Luckily, TaxTron is free for students to file their taxes and get the most out of their tax return in 2018!
Eligible tuition fees that students paid can be applied to the tuition tax credit. This credit applies to students in college, university, or other post-secondary occupational training. The fees can be deducted from your income and unused amounts can be transferred to future years.
It’s exciting for students to travel to a new country and experience a new way of life. International students have the opportunity to learn in a new environment. In addition to adjusting to the new language, culture, climate, and lifestyle, international students may also have to file taxes based on their residency status.
Students would have to file taxes if they are classified as a resident or deemed resident. Students are considered residents if they establish significant residential ties with Canada. Deemed resident status may be met if the student stays in Canada for more than 183 days and they are not considered a resident of their home country as a result of a tax treaty.
Students considered non-residents or are deemed non-residents would not have to file taxes. Students may claim non-resident status when they do not establish significant residential ties and stay in Canada for less than 183 days a year. Deemed non-resident status applies when a student is deemed a resident of their home country as a result of a tax treaty.
Because residency status is the main criteria for filing taxes, it is very important for students to know what their status is. Students that are unsure of what their residency status is should contact the CRA in order to confirm their residency status and determine whether they need to file taxes or not.
Even if you haven’t worked and earned income this year, you should still file your taxes to get a refund for credits such as Climate Action Incentive. Plus, TaxTron is FREE for students to file their taxes, download it now and file your returns online today!