312025Jan

Students: the benefits (and credit payments) of filing your tax return

     As a student living in a digital world, you’re probably already pretty tech savvy, but now it’s time to get tax savvy! We know filing an income tax and benefit return can feel overwhelming and confusing, but we can help.

Tax savvy tip – filing your tax return every year can make your funds go further. You can potentially:

  • get (or continue to get) the benefit and credit payments you’re eligible for, like the goods and services tax/harmonized sales tax (GST/HST) credit and related provincial or territorial credits 
  • claim tax credits, like the tuition tax credit and interest paid on student loans
  • get a refund

International students don’t miss out!

If you’re an international student living in Canada, filing a tax return can also help. You could be eligible for some benefit and credit payments. Visit benefits, credits, and taxes for newcomers  for more information. 

Remember these dates

  • February 24, 2025 – This is when you can start filing your tax return online 
  • April 30, 2025 – This is the deadline for most individuals to file their tax return June 15, 2025 – This is generally the deadline to file your tax return if you or your spouse or common-law partner are self-employed
    • If you have a balance owing for your 2024 tax return, pay it by April 30, 2025, to avoid penalties and interest
    • Since that date falls on a Sunday, your return will be considered filed on time if the CRA receives it or it is postmarked on or before June 16, 2025

Maximize your money

Life can be expensive, but benefit and credit payments, along with tax credits and deductions, can help.

You might be eligible for tax-free payments such as the:

  • GST/HST credit – a quarterly payment that can help eligible individuals get up to $533 a year
  • Canada Carbon Rebate – a quarterly payment that can help eligible individuals and families in certain provinces offset the cost of the federal pollution pricing. It may also include a related provincial or territorial credit amount
    • Canada child benefit – a monthly payment made to eligible families that can help them with the cost of raising children under 18. It may also include a related provincial or territorial benefit amount

You might be able to claim the: 

  • Disability tax credit (DTC) – $9,872 as a non-refundable tax credit, persons under 18 may also be eligible for an additional $5,758. To qualify for this credit, you need to have the DTC Form filled out by a medical professional and sent into the CRA for their approval. This form may need to be re-submitted every few years (depending on your disability). Any unused amount may be transferred to a supporting family member
  • Tuition tax credit – reduce the taxes you owe by claiming tuition amounts 
  • Interest paid on student loans – a non-refundable tax credit for the interest you pay on your government student loans each year. Tax savvy tip – You may be able to transfer or carry forward unused amounts
    • Moving expenses – if you moved at least 40 km closer to your educational institution . Tax savvy tip – non-refundable tax credits reduce the taxes you owe, but only to zero so they cannot be refunded to you. 

Savings plans 101

Saving might feel out of reach right now. But if you’re able to, there are plans, including tax-free savings plans, you can take advantage of. Tax savvy tip – it’s only tax-free if you follow the rules!

 

 

www.canada.ca/taxes