income tax benefits session 2014
TRANSCRIPT
Income Tax Filing Info
Session for First Time &
Returning Filers
DATE: Friday, February 15th
Presentation by: Paul Poon
Tax Clinic Coordinator
Scarborough Campus Students’Union (SCSU)
Elected Student Body Manage Student Center
Own Rexes Den
Advocate for YOU! Services• Extended health & dental plan
• Scupons Lockers
• Discount TTC Metropasses
AGENDA
• What is involved in filing taxes in Canada?
• SCSU’s FREE Tax Filing Program
• The Who, Why, How, When, What, Where of Tax Filing
• 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 2014, we will file for the previous tax year (from January 1, 2013 to December 31, 2013)
Canadian Progressive Income Tax System
What is involved in filing taxes in Canada?
Completion of a T1 General
• 2013 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 3rd – 14TH, 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 2013-Dec 31st 2013)
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
– Etc…
Benefits of Filing Taxes
GST/HST Tax CreditEligibility• Be at least 19 years of age before April 1, 2014
What’s in it for you• $60-$100 FOUR times per year!• Paid every quarter in 2014 (July, October, January,
April)
Ontario Sales Tax Credit (OSTC) • Be at least 19 years of age before April 1, 2014• Paid every quarter in 2014 (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 Residence
•Students 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 creditdepending 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 landlordName 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…
Important Tax Filing Dates
• 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
20146. 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 – 2013 (printed from ROSI under “tax forms”)8. T5 Slips9. TTC Monthly Passes,TTC Weekly Passes, or Go Transit
Monthly Passes and receipts 10.T4 Slip11.Any receipts of charitable donations you made12.2012 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 and want to file electronically
Bank Deposit Information
Call your bank and ask for:– Your Account Number– Branch Number– Institution Number
ORBrink us a photocopy VOID Cheque
SCSU Income Tax Clinic
Dates: March 3rd – 14th, 2014
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, Keep your documents!
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
Please stay back for 5 minutes to complete your ITN Application
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 tomake each “certified copy” – contact the ISC for a listof 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
Standard Letter Costs
$0.59 --
