Income Tax Services
The spring season in Canada is also tax season.
Each year, everyone who has paid any income tax in Canada, or who may be eligible for credits and payments, is required to file a tax return. This is an end-of-year adjustment to confirm that no one has paid too much or too little income tax. By the end of February, a number of tax documents should be provided for you. The most common documents that you may receive include:
T4 Statement of Employment Earnings
T4a Statement of Income from Scholarships, Grants and Awards
T2022 Tuition and Enrollment Certificate
If you’re not sure how to complete your taxes, we’re here to help. For the past 10 years, the CCSAI has partnered with White Picket Fence Accounting & Taxation to provide a discount for students to have their tax return prepared by an income tax professional; to help them get the best return possible.
There are also free volunteer services available for basic tax returns provided by the Canada Revenue Agency (CRA), the agency responsible for income tax processing, and a number of tax preparation software options that provide free basic filing as well. You can learn more about these services below.
Tax Preparation Services
CCSAI INCOME TAX CLINIC SERVICE
in partnership with White Picket Fence Accounting & Taxation
202 – 30 Hunt Street
Ajax, Ontario L1S 3M2
Monday to Friday 9:30 A.M. to 5:00 P.M.
Saturday 10:00 A.M. to 4:00 P.M.
Services may be available outside of these hours, you can inquire by email for more details.
The preparation service will be provided via CCH iFirm Portal which provides a secure channel for WPF to work with its clients on all portions of their return. Once an appointment is booked, you will receive a link to create your secure portal to upload documents.
T1-Tax year 2020 $30
Paper Printing Fee (Electronically filing with WPF) $5
Admin Fee (Electronically filing with WPF) $2
Direct Deposit Fee – Optional $5
Special rates are also available for Centennial Community members (staff and alumni). Rates are also available for filing tax returns for previous tax years. You can find the full rate sheet here.
Community Volunteer Income Tax Program Volunteers Needed!
Be a part of the Community Volunteer Income Tax Program (CVITP) run with CRA. Get some experience filing taxes and help out your fellow students! CVITPs run until the end of April.
Volunteers must have their own PC, a zoom account and are required to be available at varying times throughout the week and possibly weekends. Coordination of appointment will be done in part by CCSAI. Volunteers should expect to be available for several hours at a time.
Clinics will be held over zoom so you can help people without even leaving your home. To apply visit canada.ca/taxes-volunteer to register as a CVITP volunteer and get your Efile number and then reach out to [email protected]
CRA Volunteer Tax Clinics
Through the Community Volunteer Income Tax Program, the CRA offers a number of tax clinic locations where you can have your taxes prepared free of charge by a CRA-trained volunteer. You find out more information about the service including if you qualify for the program, and where to find a clinic location near you.
There are a number of providers who offer self-filing options. The pricing and details will vary by provider. If preparing your own return is of interest to you, you can check out the CRA link below for certified tax preparation software – it is separated into categories, including products with free offerings or pay-what-you-want offerings.
You can also request a paper version to fill out and file yourself:
WHO HAS TO FILE AN INCOME TAX RETURN?
You must file a tax return if you owe income tax or if you want to claim an income tax refund. All residents of Canada on Dec 31 of any given year are expected to file an income tax return. It is best to meet with a tax consultant who can help you process your Income Tax Return and assist you with obtaining the maximum benefit from your return. If you are eligible for a refund, you will be paid by cheque or direct deposit to the receiver’s bank account.
WHY SHOULD I FILE A RETURN?
If you are a resident of Canada or an International Student who is here on a study permit and residing in Canada temporarily, you may be eligible for certain payments or credits, you must file an income tax return. All Canadian residents as of December 31 of any given year must also file an income tax return.
WHEN IS THE FILING DUE DATE?
Generally, your income tax return must be filed on or before April 30 of the year following the year for which the return is being filed. If you owe tax and you file your tax return late, you will be charged a late-filing penalty and interest on any unpaid amounts.
WHAT ARE THE MOST COMMON TYPES OF INCOME FOR STUDENTS?
Employment Income T4, Scholarships/Bursaries T4A, Employment Insurance Benefits T4E, Worker’s Compensation Benefits T5007, ODSP/Social Assistance Income T5007, Universal Child Care Benefit RC62, Investment Income T5, RRSP Income – HBP/LLP Repayment T4RSP, Business/Professional or Commission Income, Foreign Income & Capital Gains.
***We will also need to know the amount of world income you earned in the year that you came to Canada.
WHAT ARE THE MOST COMMON TYPES OF DEDUCTIONS FOR STUDENTS?
Union Dues, Charitable/Political Donations, RRSP Contributions, Tuition Slip T2202A, Student Loan Interest, Medical Expenses, Child Care Expenses, Child Fitness & Arts Expenses, Allowable Employment Expenses, Capital Losses & Carry Forwards
Other information needed:
- Social Insurance Number (SIN)
- Notice of Assessment from previous years tax filing if you have filed a return
- Banking information for Direct Deposit (Account, Transit and Branch numbers required)
- Passport for International Students
HOW LONG SHOULD I RETAIN THE DOCUMENT RELEVANT TO MY INCOME TAX RETURN?
Retain all documents relating to your income tax returns for at least 7 years, in case you are asked to provide this information at a later date.
DO I HAVE TO LET THE CANADA REVENUE AGENCY (CRA) KNOW THAT I WILL BE MOVING DURING THE YEAR?
Yes, the CRA always needs to know where you live to receive your benefits, if mail is returned to them they will stop all payments until you contact them with your new address.
IF I WORKED PART-TIME FOR AN EMPLOYER DO I NEED TO REPORT THAT INCOME ON MY TAX RETURN?
Yes, your employer will issue you a T4 slip for the year that you worked there. All world income is to be reported on your tax returns every year.
WHAT HAPPENS TO MY TUITION CREDITS WHEN I FILE MY TAXES?
Tuition, education, and textbook amounts are non-refundable tax credits that allow students to reduce their income tax liability. Tuition credits are accumulated over the years, when you enter the workforce and are having income tax deducted we then use those credits to get you back the tax deducted from your paycheques. In any given year the amount of refund is limited to the amount of tax deducted from your paycheques. Go to your myCentennial account to obtain your T2202A Tuition Slip.