Filing your tax return is nothing new. This year’s theme is life events: we know there are a lot of little moments that can add up to big changes in life. To help you report important life changes for tax season, the Canada Revenue Agency (CRA) has some useful tips and information.
Filing and payment deadlines
Tax season opened on February 19, 2024, and you can use a host of methods to file your 2023 income tax and benefit return online. The deadline for most Canadians to file a tax return and pay any amount they owe is April 30, 2024.
If you or your spouse or common-law partner are self-employed, both of you have until June 15, 2024, to file your tax returns. As that date falls on a Saturday, your return will be considered filed on time if the CRA receives it or it is postmarked on or before June 17, 2024. Just keep in mind that if you owe money to the CRA, your payment is due on April 30, 2024.
Tuition and education expenses
We know how expensive school costs can be but don’t be discouraged, you may be able to claim an education-related deduction or a credit on your tax return. Here are a few you could be eligible for:
Tuition tax credit: If you are 16 years or older, you may be able to claim your tuition fees at a post-secondary institution as a credit to reduce the taxes you pay on your return. You may also be able to claim fees paid to take an accreditation examination for a profession or trade in Canada. You can also transfer all or part of your current year’s federal tuition fees, or other education amounts to a designated person, or you can carry the credit forward to claim on a future tax return.
Moving expenses: You may be able to claim moving expenses if your new home is at least 40 kilometres closer (by the shortest public route) to your new school or your new work location.
Interest paid on student loans: You may be eligible to claim part of the interest you’ve paid since 2018 on your student loans for post-secondary education if the loans were issued under certain student loan acts.
Isn’t it great how many resources are available to you!
Benefit and credit payments
You might be entitled to regular benefit or credit payments like the goods and services/harmonized sales tax (GST/HST) credit or the Canada child benefit:
If you are 19 years or older, you may be eligible to receive the quarterly tax-free GST/HST credit and Canada Carbon Rebate (formerly known as the Climate action incentive payment) even if you do not have any income to report.
Those under 19 who have or have had a spouse, common-law partner or child they live(d) with are also eligible.
If you have a child under 18 years, the Canada child benefit is a tax-free monthly payment that helps with the cost of raising your family.
We invite you to visit the Taxes and benefits for Indigenous Peoples webpage, which offers information about tax filing, as well as benefits and credits for Indigenous Peoples. Visit this webpage for helpful tips, resources and guides to help answer your questions about First Nations, Inuit and Métis taxes.
International students
If you are an international student studying in Canada, you could be eligible for the GST/HST credit and Canada Carbon Rebate even before filing your first tax return.
Visit Benefits, credits, and taxes for newcomers for details on how to:
Determine your residency status
Get a social insurance number
Apply for the benefits and credits you are eligible for
Did you know that you could be a resident of Canada for income tax purposes even if you’re an international student? Your residency status for income tax purposes is different from your citizenship status. When you have enough residential ties in Canada, you will need to file a Canadian tax return. Read more about determining your residency status.
Working while studying
If you’re working and going to school, here are some things to keep in mind:
Keep records like emails, contracts, purchase receipts, sales invoices, and any other documents about your sources of income. These will help when it’s time to file your return.
If you work for clients online, you may be considered to be self-employed. As a self–employed individual, you have different tax obligations than an employee.
Studying abroad
Are you planning to study abroad? You may still be considered a resident of Canada and will need to file a Canadian tax return due to your residential ties.
In some cases, you may be considered a factual resident or a non-resident for income tax purposes, so it’s important to know your tax obligations.
If you have returned to Canada after studying abroad, make sure to check your residency status to know about your tax obligations for the 2024 tax season.
Buying and selling
Navigating a new city, new digs or new responsibilities can be overwhelming. But don’t worry, we’ve got you. Here are some resources to help you out:
Buying a home: There are a number of home buying programs and incentives to help you purchase a home.
You can open a First Home Savings Account to save for your first home tax-free (up to certain limits).
With the Home buyer’s amount, you may be able to claim a non-refundable tax credit for the purchase of a qualifying home.
For more information, check out our tax tip for first-time home buyers.
Selling your home: In most cases, you won’t pay tax on the money you make from selling your home. If you generated an income with the home you plan to sell, you must report the sale of your home on your tax return. Learn more about property flipping rules and the tax implications of selling your home.
Free tax clinics
Organizations with the Community Volunteer Income Tax Program host free tax clinics to complete tax returns for eligible individuals. If you have a modest income and a simple tax situation, a volunteer may be able to do your taxes for you, for free. Tax clinics can be in person or virtual. Find the right clinic for you.
SOURCE Canada Revenue Agency
