Once students are back in school after the summer break many still want to hold down part time jobs to help them with their expenses. At the same time quite a few of them are not sure about what this means to them for taxes. In fact, a lot of students really don’t have an understanding about the Canada tax system, and this has been something that their parents have always dealt with.
Even for an average student that doesn’t make a lot of money it really is a good idea to use the services of a Toronto accountant. It makes sure that you are getting all of the tax credits that may be applicable to you. You will gain advice as to what your approach for your personal taxes should be and what tax bracket your part time job income may put you into. It also works as a preparing a foundation for the future. Once you are out of school and into the working world you will find that you also have a lot more tax responsibilities. Often whenever something in life affects your financials it can potentially affect your tax obligations. Having a Toronto accountant through your school years will help you to make an easy transition into the working world in regards to your finances.
There are a lot of potential credits that your accountant will discuss with you as a student. If you are responsible for your tuition feels then you need to know how much you can claim. All those books that you have to buy means the costs can really add up. You may have some available tax credits to you here. Then you may not know it, but just simply being a student can set you up for an education tax credit. If you are paying student loans that have interest attached to them, here again you may have another tax credit.
While many credits don’t put money in your pocket by way of a refund, they help to reduce the amount of taxes that you may owe. This means that you can be more liberal in the amount of hours that you want to work to gain extra income, without having to worry as much as to how close you are getting on your non taxable limit.
