benefits session presentation 2013 for website
TRANSCRIPT
SCSUDATE
Kaleab MulatuSR ASSOCIATE
Income Tax Filing Info Session for First Time & Returning Filers
Scarborough Campus Students’ Union (SCSU)
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AGENDA
What is involved in filing taxes in Canada?
SCSU’s FREE Tax Filing Program
Who should file taxes?
Why file taxes in Canada?
How do you file my taxes?
When do you file taxes?
What do you need to file my taxes?
What happens after you file my taxes and what are your responsibilities to CRA?
Questions
What is involved in filing taxes in Canada?
Legislated by the Federal Government through the CRA
Self Assessment System
Individuals complete their tax return to: report their annual income calculate whether they owe tax or will receive a
refund from the Canadian government
In March 2013, we will file for the previous tax year (from January 1, 2012 to December 31, 2012)
What is involved in filing taxes in Canada?
Completion of a T1 General 2012 income tax package
What is this? 4-pg booklet schedules
SCSU’s FREE Tax Filing Program
FREE Program to assist UTSC Students with the process of filing their taxes
DATE– March 4TH – 15TH, 2013
LOCATION – BV Computer Labs
TIME – 11am-5pm daily (until 7pm Wednesdays)
First-come first-served basisAllow for 45 minutes – 1 hr per tax year
Who should file taxes?
ALL undergraduate students at UTSC International students are considered temporary
residents due to ‘significant ties’ to Canada I.e. attending university in Canada belongings, clothes, furniture in Canada
ALL Residents of Canada, are required to file their taxes
Why Should You File Your Taxes?
No income ? (Jan 1st 2012-Dec 31st 2012)
Still eligible to claim certain credits: GST/HST Credits for being low income Tuition Credits Ontario Property Credits if you rent or live on-
campus Ect…
Benefits of Filing Taxes
GST/HST Tax CreditEligibility Be at least 19 years of age before April 1, 2013
What’s in it for you $60-$100 FOUR times per year! Paid every quarter in 2013 (July, October, January,
April)
Ontario Sales Tax Credit (OSTC) Be at least 19 years of age before April 1, 2013 Paid every quarter in 2013 (July, October, January,
April)
Benefits of Filing Taxes cont.
Tuition Credits (T2202A)
Using your tuition credits to eliminate or reduce the amount of taxes you have to pay when filing your taxes in the future
Useful if you plan on working in Canada after graduation! Save on taxes payable to the
Canadian government!!
Property Tax Credits
You will receive an automatic $25 refundable credit when filing your taxes
No need to keep you receipts as this information is available through ROSI
Campus Residen
ce
you are eligible to claim a portion of the rent you have paid for the tax year when you file your taxes
Typically students receive a $200-$400 refundable credit depending on total rent paid in 2011
Off-Campus(renting
)
To be eligible for the property tax credit, you must have rental receipts from your landlord that are recognized by the Canadian Revenue Agency (CRA)
Sample Rental Receipt
Name of tenant(s) who the receipt applies to
Address of rental unit
Amount and date of reach payment received for any rent/rental deposit to the landlord
Name of the landlord
Signature of the landlord
How Will They Know Who I Am?
A 9-digit number to Identify you for tax purposes
A Social Insurance Number (SIN#)
An Individual Tax Number (ITN#)
Must enter either SIN or ITN as identification for CRA
Identification – First Time Filers
Canadian residents are required to have a SIN number to file taxes
International students who do not have a SIN, must apply for an Individual Tax Number (ITN) immediately
this takes 4-8 weeks to received from CRA by mail
First Time International Filers ONLY
If you are not eligible for a SIN
Apply for an Individual Tax Number (ITN)
Form T1261
Identification – Returning Filers
Expired SIN Cards may still be used for tax filing purposes ONLY
If you have obtained a SIN Card recently and you filed your taxes using an ITN last year, you will have to include a letter with your return informing the CRA of this change
If you have lost your SIN or ITN, please contact the ISC for further instruction
Getting Ready to file your taxes
Some things you need to know…
When Must I File My Taxes?
Taxes are filed on an annual basis
All tax forms are due on or before April 30th of every year
If you owe the Canadian government money and are late in paying: you will be charged interest of 5% on your payments PLUS 1% for each month up to 12 months
What do I bring to the SCSU Income Tax Clinic
1. Uof T student T-Card2. Passport (only required for International Students at
UTSC)3. Individual Tax Number (ITN) letter or Social Insurance
Number (SIN) card4. Direct Deposit Information or VOID Cheque (Account #,
Branch #, & Institution #)5. Your Canadian mailing address for the Summer 20136. Rental receipts for any off-campus housing or a copy of
cancelled/returned cheques/money orders/bank drafts you used to pay your landlord
What do I bring to the SCSU Income Tax Clinic
7. T2202A – 2011 (printed from ROSI under “tax forms”)8. T5 Slips 9. TTC Monthly Passes,TTC Weekly Passes, or Go Transit
Monthly Passes and receipts 10. T4 Slip 11. Any receipts of charitable donations you made12. 2010 Notice of Assessment (if you filed your income tax
return last year)13. Your CRA Netfile access code
*if you have previously filed your taxes before and want to file electronically
Bank Deposit Information
Call your bank and ask for: Your Account Number Branch Number Institution Number
OR
Brink us a photocopy VOID Cheque
SCSU Income Tax Clinic
Dates: March 4th – 15th, 2013
Time: 11am – 5pm weekdays (open until 7pm Wednesdays)
Location: BV Computer Labs
IMPORTANT REMINDER!!!
The Canadian Revenue Agency can choose to review your file for up to six (6) years from the time you file your taxes.
It is important that you keep all copies:
Tax returns
All documents that you submit
up to six (6) years from the time your taxes are filed.
BE AWARE!!!
You can be audited up to 6 years after filing your taxes .
If you can not produce proof and receipts you will be asked to:
pay back any credits and refunds
PLUS interest from the date the money was issued to you by CRA
Questions?
International Students
ITN Application formSite: http://www.cra-arc.gc.ca/E/pbg/tf/t1261/t1261-
12e.pdf
Certified Copy of Passport for ITN Application
Bring your original passport, Study Permit AND completed ITN application to a Professor at UTSC
Ask them if they would be willing to make a photocopy for you
The Prof. must then sign the photocopy saying it is a “true copy of the original passport”
The Prof. must also sign and date the photocopy stating their position at UTSC
NOTE: this should be free of charge BUT all professors may not have time or access to a photocopier to do this for you.
You may also pay a lawyer or Notary Public $30-100 to make each “certified copy” – contact the ISC for a list of local lawyers and Notary Public officials you can use
Mailing my ITN Application
From: Student’s Full Name
Address
Toronto, Ontario
M1C 1A4 <postal code>
Canada
To: International Tax Services Office Returns Processing Division
2204 Walkley Road
Ottawa ON K1A 1A8
Canada
Send by Xpresspost or Canada Post
Registered Mail to ensure guaranteed
delivery
Standard Letter Costs
$0.59 - -
Questions?
Website: http://www.scsu.ca/taxclinic
Email: [email protected]
Visit weekly office hours – Room SL 116
Mondays 11am – 1pm
Wednesdays 12pm – 2pm