
As a student, you might wonder whether filing a tax return is necessary, especially if you didn’t earn much income. However, even if you’re not required to file, doing so can come with major financial benefits. From refunds to valuable tax credits, here’s why you should always file your taxes as a student.
1. Get a Tax Refund – Even If You Didn’t Earn Much
If you worked part-time, had a summer job, or earned money from a co-op program, chances are some taxes were deducted from your paychecks. Filing a tax return allows you to claim back any overpaid taxes, which could mean a refund in your bank account!
💡 Tip: Check your T4 slip from your employer to see how much tax was deducted.
2. Claim Tuition, Education, and Textbook Credits
One of the biggest advantages of being a student is the ability to claim tuition tax credits. These credits reduce the amount of tax you owe. Even if you don’t need them this year, you can:
✅ Carry them forward to use in future years when your income is higher.
✅ Transfer them to a parent, grandparent, or spouse to help them save on taxes.
💡 Tip: Your school will provide a T2202 slip (Tuition and Enrollment Certificate), which you need to claim your tuition credits.
3. Qualify for Government Benefits & Tax-Free Payments
Even if you have little or no income, filing your taxes allows you to receive tax-free government benefits, including:
🔹 GST/HST Credit – A tax-free quarterly payment for lower-income individuals.
🔹 Canada Workers Benefit (CWB) – A refundable credit for low-income workers.
🔹 Provincial and Territorial Benefits – Some provinces offer extra benefits for students.
💡 Tip: These payments are automatically calculated when you file your return, so there’s no extra paperwork!
4. Build Your RRSP Contribution Room for the Future
As a student, you might not be thinking about retirement yet, but filing your tax return helps you in the long run. Any earned income adds to your Registered Retirement Savings Plan (RRSP) contribution room, which you can use in future years when you start making more money.
💡 Tip: Unused RRSP room carries forward indefinitely, allowing you to make tax-deductible contributions when it benefits you the most.
5. Interest on Student Loans? You Can Deduct It!
If you have government student loans, the interest you pay may be tax-deductible. This means you can reduce your taxable income and potentially get a refund. If you don’t need the deduction this year, you can carry it forward for up to five years.
💡 Tip: Private loans and lines of credit don’t qualify, so make sure your loan is from a government program like OSAP, Canada Student Loans, or provincial student aid programs.
How to File Your Taxes as a Student?
- Gather Your Documents:
- T4 (employment income)
- T2202 (tuition fees)
- Student loan interest statements
- Rent receipts (if your province offers a credit)
- Choose How to File:
- Use a free tax software like TurboTax Free, Wealthsimple Tax, or H&R Block Free
- File online through NETFILE
- Visit a free tax clinic for students
- Hire a professional 🙋♀️ Us!
- Submit & Track Your Refund:
- If you’re set up for direct deposit, your refund will arrive within two weeks if you file online.
Even if you don’t earn much, filing your tax return ensures you don’t miss out on free money, tax credits, and future benefits. Plus, it builds good financial habits that will help you in the future.
Need Help? We’re Here for You!
We specialize in helping students maximize their tax refunds and claim all available credits.
Contact us today to get started!
Photo by Marvin Meyer on Unsplash