Tax Tip: ABCs of Benefits for Students
Did you know?
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwire) -- 03/13/12 -- Even if you have no income, you should still file your income tax and benefit return. As a student, you might be eligible for many credits, deductions, and benefits but you must file your return to get them.
Benefits and deductions
Non-refundable tax creditsNon-refundable tax credits reduce the amount of federal income tax that you have to pay. If the total of your non-refundable tax credits is more than your federal income tax, you will not receive a refund for the difference.
Note - Transferring and carrying forward amounts
As a student, you must first claim your tuition, education, and textbook amounts on your return and apply the amount needed to reduce your federal tax payable to zero. After that, you can either transfer the unused amount to an eligible individual or claim it in a future year to reduce the amount of federal tax payable. By filing a return and attaching a completed Schedule 11 every year showing that you have these eligible amounts, you enable the CRA to keep track of your unused tuition, education, and textbook amounts available for carry-forward to other years.
Other credits, deductions, and benefits may be available to you. For more information, go to .
The CRA's online services make filing even easier
With the CRA's online services, you can file your return, track your refund, and change your personal information. You can also sign up for direct deposit to receive your refund directly into your account at your Canadian financial institution - no more waiting for cheques to arrive in the mail. It's fast, easy, and secure. For more information, go to .
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Contacts:
Noel Carisse
Media Relations
Canada Revenue Agency
613-952-9184
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Datum: 13.03.2012 - 11:25 Uhr
Sprache: Deutsch
News-ID 1092389
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