THE IMPORTANCE OF FILING A TAX RETURN January 30, 2017 TAX RETURNS Why file? How? 2
Benefits are only available to Canadian residents International students should read this to determine if they are Canadian residents for tax purposes. http://www.cra-arc.gc.ca/internationalstudents/ 3
Provincial benefits are only available to provincial residents Out of province students should read this to determine what province they are resident in at the end of the year. http:// www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmp ltng/prsnl-nf/prvnc/menu-eng.html
4 Why file a tax return? 1. OSAP 2.Social Benefits delivered through the tax system. 3.Other (includes tax credits) 5
Social benefits delivered through the tax system 1. Ontario Trillium benefit for Ontario residents 2. GST credit 3. Canada Child Benefit 4. Working Income Tax Benefit 6 Social benefits delivered
through the tax system Benefits are income-tested and tax-free Each benefit has a different formula Use on-line calculator to estimate benefits for all provinces (not just Ontario residents): http://www.cra-arc.gc.ca/benefits-calculator/ Payments starting each July are based on prior years return: Payments for July 2016 to June 2017 are based on 2015 return. 7
Ontario Trillium Benefit Monthly Depends on income and rent 2016 amounts if single & low income: If rent = $1K per mo., benefit = $47 per mo. ($567 per year) If rent = $500 per mo., benefit = $38 per mo. ($457 per year) If no rent or live in residence, benefit = $24 per mo.
($291 per year) 8 GST credit Quarterly 2016 amounts if single & low income: $69 per quarter ($276 per year) 9
Other 1. Avoid interest and penalties if you owe tax 2. Tuition, education and textbook amounts 3. Student loan rules 4. Credit for interest on student loans 10 Scholarships & Tuition, education & textbook (TET)
amounts Scholarships are generally tax-free if you fill out Schedule 11 forms to report your tuition, education and textbook (TET) amounts. . 11 Example:
Schedule 11 & Tuition, education & textbook (TET) amounts If tuition is $10K per year & attend York full-time for 8 months (8 x 465 ET) then TET = about $14K x 20% = $2,800 in tax savings 2016 is the last year that federal ET and Ontario TET can be earned
but unused TET can be carried forward. 12 How to file Until January 20, 2017, you can NETFILE 2013, 2014 and 2015 using software on the CRA website. Some software is free. Check out the website. http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/
netfile-impotnet/ NETFILE for 2016 will probably open in February 2017 13 How to file You can file up to 10 years of returns. For ones you cant NETFILE, you can paper
file. The forms are available on the CRA website. http://www.cra-arc.gc.ca/formspubs/t1gnrl/ menu-eng.html 14 How to file CPA Ontario and the CRA each sponsor free Tax Clinics through the GTA in March and
April, including YorkU clinics staffed by SAS accounting students at 3 sites off campus. Monthly clinics at the CEC at Yorkgate. On campus clinics? 15 Other Advice CRA My Account http://www.cra-arc.gc.ca/myaccount/
Direct Deposit http://www.cra-arc.gc.ca/directdeposit/ 16 Questions? Joanne Magee [email protected]
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