Tax season is just around the corner, but a survey by H&R Block says students aren’t confident enough with tax forms to receive the tax credit they deserve.
H&R Block tax analyst Caroline Battista said one of the biggest challenges students face is finding their T2202 slip.
“What many people struggle with is simply being organized,” she said.
Battista suggests students keep a file folder every year for receipts that are eligible for a tax credit.
T2202 forms recently became available on the student records page of the myLangara website and Battista can’t stress enough how important these forms are.
“That’s the form that determines how much of a credit they get for tuition, as well as for books and education,” she said. “It’s not a matter of keeping book receipts anymore.”
According to the student survey put out by H&R Block, 80 per cent of Canadian students feel they don’t have the proper knowledge to get what they fully deserve in a tax return. Eighty-five to 88 per cent feel they lack a basic knowledge of taxes and wish they knew more. Although H&R Block offers free online filing for students, health sciences student Ming Li thinks it’s better to pay someone else to do it.
“Even if you use it online, it’s kind of a hassle,” said Li.
Get some help crunching those numbers
Some students were surprised to learn what they can claim on their returns, but H&R Block has a helpful list online to help them.
Li and general sciences student Joana Palma didn’t realize that moving 40 kilometers away for a summer job could pay off in tax returns. A tax credit for moving expenses, transportation and accommodation for up to 15 days is available to students who take a job in a different province.
If you’re under the age of 19, you’re still encouraged to file a tax return for 2013 if your 19th birthday is prior to Apr. 1, 2015. Even if you had no income for 2013, you are still eligible for a GST/HST credit for the first payment period following your birthday.
The Langara Students’ Union also offers a tax filing service. The LSU’s accountant charges $25 per tax year for a return and students can go to the LSU between March and April of each year to file.
Reported by Ashley Legassic