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Preparation key to income tax refunds | Humber Et Cetera
Preparation key to income tax refunds
Preparation key to income tax refunds

By Alex Zakrzewski

With the April 30 filing deadline fast approaching, experts say the best way for students to guarantee an accurate tax return is to start preparing now.

“Get organized now because you don’t want to be looking for a tax receipt or tuition statement or whatever it is at the last minute,” said Patricia White, executive director of Credit Counselling Canada.

“You can’t claim a refund unless you file.”

Students who are looking for professional help with their returns should explore their options and find one that best suits their needs, White said.

“My suggestion is to check the Canada Revenue Agency website,” she said. “There are volunteers trained by the CRA to help low income individuals and that would certainly be students.”

It’s also wise for students with extenuating circumstances to seek professional help to file their complicated returns.

“If they have a complex tax return,” said Michael Lee, Humber accounting program coordinator, “they should consult a professional because they might be missing things.

On top of tuition and textbooks, students can also deduct transit passes, moving expenses and childcare costs.

“A lot of our kids here at school are industrious,” he said.  “If they have other income, meaning self-employment income, they certainly have to start thinking about what are the expenses they could be claiming.”

Madeleine Laforest, a final year esthetician/spa management student from Cumberland Beach, said she has already started preparing what she expects to be a big return.

“I collect all my receipts then calculate how much everything comes to,” she said.

“Keep your receipts or you won’t get as much money back.”

Jeffrey Shrigley, a first year funerary services student from Sudbury, said that he usually files a return as soon as he gets his T4 and is frustrated that Humber does not issue a tax certificate until Feb. 28.

“It’s absurd,” he said.  “It would just be a lot easier if we got it when we paid our tuition.”

 

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