Updated: Feb 28
TRUSU Taxation Club holds Tax Clinics every year, where volunteers file TRU Students Taxes for FREE! With the Tax Clinics just a month away, we thought we'll help you out with the most frequently asked questions so that the filings go as smoothly and you come out of the event satisfied and happy.
1. Is It compulsory to file taxes?
No, but it is recommended by the Canadian Revenue Agency, to at least file the returns for the tuition fee you have paid and for receiving the quarterly refunds if you are not earning.
2. What all is needed to file the Taxes?
If you are an employee, your employer will issue a T4 Form and also to avail the tuition fee credit, in years to come. Social Insurance number is also necessary. If filing the taxes for the very first time in Canada, the date of arrival in Canada will be required.
3. What is the last date of filing the taxes with CRA?
Most of the individuals have to file their taxes not later than April 30th, 2020
People who are self employed, can file the return not later than June 15th,2020
4. For which year will the taxes be filled?
The year starting from January 1st, 2019 to December 31st, 2019. You can also file the taxes for the previous years as well.
5. Do you get the tuition fee credits, how and when?
If you file the tax returns, you will get the credit of the tuition fee. Form T2202A issued by the university, which is required to avail the credit. You can accumulate the amount and can avail the credit when you start working as a full-time employee.
6. From where to collect the T4 Forms?
You need to collect the T4 Forms from each and every employer, you have worked for in the last year starting January 1,2019 to December 31st,2019. Even if you have worked for the employer for just 1 day still, he will issue you a T4 Form.
7. Can I file the returns for the previous years as well?
Yes, you can easily do that. But there is a limit to filing the taxes that is up to previous 3 years only. You will be needing the T4 for all the previous years and also the T2202A for availing the tuition fee credit.
8. Would it be a problem, if the T4 does not matches your current address?
No, but make sure you use your current mailing address while filling your taxes in the information needed. The address can be easily changed by filing a request with the CRA.
9. Where to find the T2202A form?
You can login to your www.mytru.ca account, and the form can be downloaded from there easily. The Forms are issued every year, but as of February 28th, 2020, it is not available for the Year 2019 yet.
10. Where to go if you are not receiving the refunds from CRA?
You can call on the toll-free number of CRA, 1800 959 8281. Keep the following information handy to use in the IVRS:
Social Insurance Number (SIN)
Date of Birth
Amount of Total Income showed on the return, when filled.