Special tax filing rates for students

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Special Tax Filing rates for Students

Accounting Troubleshooters is pleased to offer a $49.95 special pricing for students tax returns. To qualify, a student must have at least four months of full time enrollment at a high school, college or university. Why students should file a tax return:

Every student should file a tax return whether or not you earn an income or owe any income tax.

Benefits for student tax filings:

1. Earn GST/HST tax rebates
· A GST rebate of up to $248 per adult and $130 per child.

· A Goods and Service Sales Tax (GST) rebate of up to $230 (when you are 19 years or over and earn less than $20,000).

2. Transfer education credits
As a student, you can share or transfer your education tax credits with your family, a spouse, parent or grandparent.

Even if you do not have to pay tax and you are carrying forward or transferring all or part of your tuition, education, and textbook amounts, you must file a tax return and attach a completed Schedule 11, so CRA can update your records with your unused amounts available for carry forward to other years.

3. Create RRSP contribution room
If you earned income while working as a student, you should file a return, even if you don’t owe any income tax.

By filing tax returns, you begin to create RRSP “contribution room.” You can carry that unused room forward, which can be used to reduce tax bills in the future by sheltering your income in an RRSP.

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