Smart Planning for Your Part Time Summer Job
Most likely if you are a student that is going to be attending school in the coming year you have already started looking for summer employment as this school year is coming to an end. There are a lot of things that you can do that can help you find a job that is going to meet both your financial and time allotment needs.
First you may want to see what the Government can do to help you. There is Service Canada that you can turn to for some guidance. If this is your first time venturing out to find summer employment you may need additional help with preparation like your resume. If this is not something that you have been taught in your schooling then you will find assistance with these through these Government services.
Ideally you should strive to find a job in the industry that you are gearing your education towards to give you some experience. A lot of students have done this and it has helped to solidify their choice as being the right career for them, while others have discovered that it is not really what they thought, and it has allowed them to change course direction with their future education.
Once you have gotten the job you were after, be sure to think ahead as to what potential tax benefits will await you once your summer break is complete. You may be thinking it is a little premature to be thinking that far ahead, but often there is criteria that may need to be met now in order for you to be eligible for some of the student tax breaks.
You most likely have calculated some type of budget that you need to meet financially with your summer employment. You should have a good idea of just how much you need to rely on for the following school year.
Your main expenses will most likely be your tuition and text book expenses. There is tax help with these if you qualify. Also take a look at the education credit to see if it will be applicable to you, and the text book credit.
It is important that you retain all important documents so you will have them readily available come tax season. Watch the Video on how to claim tuition on your tax return.
There are many different types of tax benefits that may be available to you and often when you do your own tax return these may be missed. If you have received grants, or are paying on student loans there may be additional tax implications or credits for you in these areas as well. It may be well worth relying on an accountant for both your financial planning and your tax filing obligations in the upcoming year.