Income tax tips for your 2016 income tax return
It’s that time of year again…Income Tax Return time!
- 2016 Tuition & Education Amount Certificates (T2202A) for income tax purposes are available on ROSI starting February 21, 2017.
- 2016 T4A slips (if applicable) are also available on ROSI starting February 21, 2017. T4A forms, showing scholarship, bursary, fellowship, dependant tuition waiver or loan interest subsidy income for income tax purposes, will be mailed by the end of February. If undeliverable, T4A's are returned to Student Accounts.
- Updates can be found on the Student Accounts online Bulletin Board (right side of page under “News & Events”).
- International Students: see information from the Centre for International Experience (CIE)
For information on how to claim the interest that you're paying on your student loan (OSAP), the income from scholarships, fellowships, bursaries and achievement prizes, research grants, moving expenses and other items, find instructions and tips at the following websites:
- Canada Revenue Agency (CRA) – watch videos on CRA website
- International students (CRA)
- Informative videos! Courtesy of the Globe & Mail: Tax Tips for Students (Sept. 28, 2011) and Let's Talk Investing: Expert tax tips for students (Jan. 28, 2013)
For information on free online tax filing:
- NETFILE-certified tax preparation software - 14 Free certified software packages and Web products
Free income tax clinics:
- Toronto Public Library - Look for Income Tax Clinic and other related workshops under Business Legal & Personal Finance
- Volunteer Tax Preparation Clinics
Please note that some of these services may start in early March, but it's never too early to start thinking about it if you're getting a refund.
UTAPS and Income Tax Returns
Please note that if you have received a T4A for your UTAPS and you are a Full-time student you do NOT need to declare it on your income tax return. For more information please see information on Scholarships, fellowships, bursaries, study grants, and artists' project grants (awards).
Wondering whether you'll get your money in a lump sum? Are you getting a refund, a credit? What is the Ontario Trillium Benefit? Find the answers to these questions and calculate how much you could get back at Ontario Trillium Benefit.
The above tips/information are meant to provide a helpful guide to commonly used tax credits and benefits only. For more information on these or other credits offered by the federal government, contact the Canada Revenue Agency directly at www.cra.gc.ca or by calling the automated Tax Information Phone Service (TIPS) at 1-800-267-6999 or the individual enquiries line at 1-800-959-8281.