Home Breadcrumb caret Industry News Breadcrumb caret Industry Tax tips for students The Canada Revenue Agency (CRA) has issued a reminder that students who don’t file a tax return may be missing out on benefits and tax credits. By Staff | April 8, 2013 | Last updated on April 8, 2013 1 min read 123RF The Canada Revenue Agency (CRA) has issued a reminder that students who don’t file a tax return may be missing out on benefits and tax credits. Important facts: Those 19 years of age when filing can apply for the goods and services tax/harmonized sales tax credit. That could mean a payment every three months—which is pretty handy for day to day expenses. It’s quick, easy, and likely free to file online as a student with a modest income. Filing the income tax and benefit return on time ensures there are no interruptions to benefit and credit payments. Any taxes paid on that job at the sandwich shop or movie theatre may come back as a refund – but only when they file. Students may be entitled to deduct from any income they earned the cost of: tuition books moving expenses student loan interest transit passes, and more Plus, reporting any income, no matter how modest, opens up RRSP contribution room. For information about credits and benefits for students, visit www.cra.gc.ca/students. Also read: Back to school financial tips for students Teens need money smarts Canadian youth unrealistic about finances Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo