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Whether you\u2019re going to school and living at home, are at university or college, or are about to start living on your own, it\u2019s important to understand the best ways to minimize how much you pay in taxes and how you can maximize your tax refund. Even if you have little income, there are tax credits, deduction, and benefits you can take advantage of.<\/p>\n
If you\u2019re looking for ways to save money come tax season, read this tax guide for Canadian students.<\/p>\n
[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.fastneasytax.com\/ca\/wp-content\/uploads\/2020\/12\/students-at-university-MH43DSB-1.jpg” alt=”students at university” title_text=”students-at-university-MH43DSB” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Basic Info” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
The best way to get an estimate about how much you can expect back on your taxes is to identify your income, tax bracket, and deductions you can make. If you\u2019d like to get a quick estimate, use an income tax calculator.<\/p>\n
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Your income will fall into one of four tax brackets. The higher your income, the more taxes you pay. The Federal Tax Rates for 2022 are as follows:<\/p>\n
Provincial tax rates are calculated the same way as federal tax (except for Quebec).<\/p>\n
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Canada\u2019s tax laws change all the time, which means the kind of tax credits and deductions you can take advantage of change often too. Deductions help reduce the amount of your income, which is what you get taxed on. Tax credits, like tuition fees, get applied directly to your tax payable.<\/p>\n
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If your tax credits are greater than your tax payable, you do not pay any tax. Any tax withheld during the year, will be given to you as a tax refund! The big question now is, what can you do with that money? There are a number of things you can do with it that will help you out financially in the long run.<\/p>\n
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Paying down your student loan or any other debt may not sound like fun, but if you have debt with high interest, using your tax refund to reduce your debt could save you tens of thousands of dollars in interest expenses over the long run. The quicker you pay that debt off, the sooner you\u2019ll have disposable income.<\/p>\n
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Opening a TFSA is an excellent way to generate tax-free money. Unfortunately, more than half of all Canadians do not have a TFSA. That\u2019s a lot of people missing out on an amazing investment vehicle.<\/p>\n
Not only is the money you put into a TFSA tax-free, so is the money you make in the TFSA. Even when you withdraw it! The contribution limit for 2020 and 2021 is $6,000. You can make contributions to your TFSA either in a lump sum or periodically throughout the year. Which is great for Canadian students that get a tax refund and suddenly find themselves a little richer.<\/p>\n
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If you\u2019re a Canadian student and want to minimize your taxable income and maximize your annual refund, contact the personal income tax experts at FastnEasyTax.com<\/strong><\/p>\n Since 2011, tens of thousands of Canadians have turned to FastnEasyTax.com<\/a> for a convenient, fast, and affordable way to file their personal income tax. Certified by the CRA, we offer a variety of different products: a web application that allows you to submit your tax return online<\/a>, without the need to download any software and a mobile app<\/a> (eFile Canadian Tax Return) for all mobile platforms (Android, Apple, and Windows).<\/p>\n Our tax programs are easy to understand, the platforms are easy to use, and our customers get their tax refund back within 10 days. If you\u2019re having difficulties, reach out to use, we\u2019re happy to help our customers in any way possible and take pride in responding to all support questions within 24 hours.<\/p>\n To learn more about how fastneasytax.com<\/a> can help simplify your personal income tax process, contact<\/a> us today.<\/p>\n [\/et_pb_text][et_pb_text admin_label=”Basic Info” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n <\/p>\n <\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" A Guide to Taxes and Tax Refunds for Canadian StudentsWhether you\u2019re going to school and living at home, are at university or college, or are about to start living on your own, it\u2019s important to understand the best ways to minimize how much you pay in taxes and how you can maximize your tax refund. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-905","page","type-page","status-publish","hentry"],"yoast_head":"\n