When Should a Student Start Filing Their Own Taxes?
As you are now a student that is probably having to contribute financially to your education then it also may mean that you should be able to start filing your own taxes. Perhaps you have heard so many moans and groans from the older adults about this obligation that it is one you really don’t care to take on.
There are some good things about taxes, especially when you are a student and you actually can glean some benefits from taking on the responsibility of becoming a young student tax payer.
You may also have heard about how complex it can be to file a tax return because it takes time to learn the format in such a way that you are going to get all the potential credits you may have coming to you as a student. This is the last thing you need when you are in the last segment of your school year and are probably crunching for exam time.
One advantage you may have though is you are probably computer savvy and the CRA is really pushing for the filings of the taxpayers to be done electronically. CRA by the way, stands for the Canada Revenue Agency and it is a name that you will be familiar with for many years to come.
The CRA really wants to get young tax payers like yourself to conform to the tax system, so getting you started as soon as you are eligible to be personally responsible in the tax world is their objective. They actually have set up a youth tax learning segment just for youth, so you can follow along while filling out your taxes.
As a student you are going to find that your tax obligations are probably not bad at all, and you are probably even going to get a refund. There are lots of student tax credits that you can take advantage of. While this is great do keep in mind that future tax years might not be quite so pleasant, and when you enter the working world your tax situation will change drastically.
You will be learning a lot of new tax terms as you venture out into becoming an independent Canadian tax payer, and once that is going to be very important to you in the future is your Toronto Accountant. Once you start getting into tax situations that become a little more difficult to understand or it means that you are sure where your tax breaks should be then a quality tax accountant becomes your best friend at tax season.