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Benefits session presentation 2013 for website

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  • Greenpath students should still attend5 info sessions, but only have to attend oneAny undergraduate students are eligible
  • Speak about SCSU
  • Promote associate positionLooking for 2nd years+ but 1st years don’t be discouraged
  • Required to file taxesYou have no choiceDescribe tax for previous year Only beginning of 2012, so we need to file taxes for the previous year, which is 2011Any relevant receipts from January 1 – Dec 31, 2011 should have been kept for tax filingThe government utilizes a self-assessment systemTrust that the document sent to them is truthfulIf it is not, you are to pay it back + extra charges
  • Must be completed and signed before you put it in the mail to send to CRAOnce you signed, it is assumed that all the information is truthful
  • Amalgamation of the ISC and SCSU tax clinicsISC in previous years only took international studentsSCSU in previous years helped domestic and PR studentsThis year, we are helping all international, domestic, and PR students Last time we take someone is 4pm (6:00pm Wednesdays)If later, we will not accept them because it takes about 30-45 minutes to file taxes
  • Required, no choiceAnyone with substantial ties to Canada are subject to filing their taxesBeing a student at UTSC, it is enough
  • Get money back act as a reward and incentiveHow much depends on individual case
  • Do not need to keep all your receipts because government has a calculation to determine how much you have spentBe getting a total of 8 payments a year just for spending an hour to file your taxes
  • - Use credits to reduce taxes
  • Can’t lie because government knows if you live in residence or living off campusDescribe the propertyhand outShould not be paying in cash; should be paying in cheque, money order, email transfer, etc.ONE important point to remember here is that if someone does decide to claim rental credits – then they must keep their rental receipts for AT LEAST 5 years as the government can audit any person at anytime
  • Legally required to give youEven if you did pay cash for your rent, you are entitled to a receiptAsk your landlord for it
  • Canadian citizen and permanent residence will use their SIN to file taxesCan’t get a SIN card until you get your work permit, can’t get work permit until residing in Canada for 6 months
  • If you are not eligible for SIN card, you will need to apply for an ITN number to file your taxesStay till the end to learn how to complete your ITN form
  • T1261 handout, fill it out and you’ll get a 9 digit number in the mail, starts with 09SIN card starts with a 9 for international studentsITN acts as a temporary number until you get your SIN cardTake 4-8 weeksIf have ITN and SIN => Bring both and we merge
  • Due on April 30th every yearDon’t let a stranger file for you unless they are certified, because eventhough they are doing it for you, you are still liable for what you mail to CRANo such thing as getting more back, only if they lieIf the government figures out, its you that repaysIf you want to file yourself and not use the free clinic, we will help you find a certified CA or CGA to file it for you
  • Need entry and exit informationITN and SINBank can print you a piece of paper that include these informationCheques will come in a brown envelop that says CRA with a Canadian flag beside itHave a Canadian mailing address because it will be sent out during summer
  • T2202A can be found on ROSI after FebT5 slip => interest income, auto print + mailed to youTTC => if earned, can offset taxes payable => usually useful for those who earn income Non-for-profit + registered charitable organization => used to offset and use as creditNotice of AssessmentCRA netfile access code => if previously filed taxes and want to file electronically this year
  • Transcript

    • 1. Income Tax Filing InfoSession for First Time &Returning Filers SCSU DATE Kaleab Mulatu SR ASSOCIATE
    • 2. Scarborough Campus Students’ Union (SCSU)Elected Student Body Manage Student Center Own Rexes DenAdvocate for YOU! Services • Extended health & dental plan • Scupons Lockers • Discount TTC Metropasses
    • 3. Website - http://scsu.ca/taxclinic/
    • 4. AGENDA What is involved in filing taxes in Canada? SCSU’s FREE Tax Filing Program Who should file taxes? Why file taxes in Canada? How do you file my taxes? When do you file taxes? What do you need to file my taxes? What happens after you file my taxes and what are your responsibilities to CRA? Questions
    • 5. What is involved in filing taxes in Canada?Legislated by the Federal Government through the CRASelf Assessment SystemIndividuals complete their tax return to:  report their annual income  calculate whether they owe tax or will receive a refund from the Canadian governmentIn March 2013, we will file for the previous tax year (fromJanuary 1, 2012 to December 31, 2012)
    • 6. What is involved in filing taxes in Canada?Completion of a T1 General 2012 income tax packageWhat is this? 4-pg booklet schedules
    • 7. SCSU’s FREE Tax Filing ProgramFREE Program to assist UTSC Students with the process of filing theirtaxesDATE– March 4TH – 15TH, 2013LOCATION – BV Computer LabsTIME – 11am-5pm daily (until 7pm Wednesdays) First-come first-served basis Allow for 45 minutes – 1 hr per tax year
    • 8. Who should file taxes?ALL undergraduate students at UTSC  International students are considered temporary residents due to ‘significant ties’ to Canada  I.e. attending university in Canada  belongings, clothes, furniture in CanadaALL Residents of Canada, are required to file their taxes
    • 9. Why Should You File Your Taxes?No income ? (Jan 1st 2012-Dec 31st 2012)Still eligible to claim certain credits:  GST/HST Credits for being low income  Tuition Credits  Ontario Property Credits if you rent or live on-campus  Ect…
    • 10. Benefits of Filing TaxesGST/HST Tax CreditEligibility Be at least 19 years of age before April 1, 2013What’s in it for you $60-$100 FOUR times per year! Paid every quarter in 2013 (July, October, January, April)Ontario Sales Tax Credit (OSTC) Be at least 19 years of age before April 1, 2013 Paid every quarter in 2013 (July, October, January, April)
    • 11. Benefits of Filing Taxes cont.Tuition Credits (T2202A) Using your tuition credits to eliminate or reduce the amount of taxes you have to pay when filing your taxes in the future Useful if you plan on working in Canada after graduation! Save on taxes payable to the Canadian government!!
    • 12. Property Tax Credits Off- Campus Campus Residence (renting) you are eligible to claim a portion ofYou will receive an the rent you haveautomatic $25 paid for the tax yearrefundable credit when To be eligible for when you file yourfiling your taxes the property tax taxes credit, you must Typically students have rentalNo need to keep you receive a $200- receipts fromreceipts as this $400 refundable your landlord thatinformation is available credit depending are recognized bythrough ROSI on total rent paid in the Canadian 2011 Revenue Agency (CRA)
    • 13. Sample Rental Receipt Name of Amount and of rental Address tenant(s) whodate of reach unit the receipt payment applies to received for any rent/rental Name of the deposit to the landlord landlord Signature of the landlord
    • 14. How Will They Know Who I Am?A 9-digit number to Identify you for tax purposes A Social Insurance Number (SIN#) An Individual Tax Number (ITN#)Must enter either SIN or ITNas identification for CRA
    • 15. Identification – First Time FilersCanadian residents are required to have a SIN number tofile taxesInternational students who do not have a SIN, must applyfor an Individual Tax Number (ITN) immediately this takes 4-8 weeks to received from CRA by mail
    • 16. First Time International Filers ONLYIf you are not eligible for a SIN Apply for an Individual Tax Number (ITN) Form T1261
    • 17. Identification – Returning Filers Expired SIN Cards may still be used for tax filing purposes ONLY If you have obtained a SIN Card recently and you filed your taxes using an ITN last year, you will have to include a letter with your return informing the CRA of this change If you have lost your SIN or ITN, please contact the ISC for further instruction
    • 18. Getting Ready to file your taxes Some things you need to know…
    • 19. When Must I File My Taxes? Taxes are filed on an annual basis All tax forms are due on or before April 30th of every yearIf you owe the Canadian government money and are late in paying: you will be charged interest of 5% on your payments PLUS 1% for each month up to 12 months
    • 20. What do I bring to the SCSU Income Tax Clinic1. Uof T student T-Card2. Passport (only required for International Students at UTSC)3. Individual Tax Number (ITN) letter or Social Insurance Number (SIN) card4. Direct Deposit Information or VOID Cheque (Account #, Branch #, & Institution #)5. Your Canadian mailing address for the Summer 20136. Rental receipts for any off-campus housing or a copy of cancelled/returned cheques/money orders/bank drafts you used to pay your landlord
    • 21. What do I bring to the SCSU Income Tax Clinic7. T2202A – 2011 (printed from ROSI under “tax forms”)8. T5 Slips9. TTC Monthly Passes,TTC Weekly Passes, or Go Transit Monthly Passes and receipts10. T4 Slip11. Any receipts of charitable donations you made12. 2010 Notice of Assessment (if you filed your income tax return last year)13. Your CRA Netfile access code *if you have previously filed your taxes before and want to file electronically
    • 22. Bank Deposit InformationCall your bank and ask for:  Your Account Number  Branch Number  Institution NumberORBrink us a photocopy VOID Cheque
    • 23. SCSU Income Tax ClinicDates: March 4th – 15th, 2013Time: 11am – 5pm weekdays (open until 7pm Wednesdays)Location: BV Computer Labs
    • 24. IMPORTANT REMINDER!!!The Canadian Revenue Agency can choose to review your file forup to six (6) years from the time you file your taxes.It is important that you keep all copies: Tax returns All documents that you submitup to six (6) years from the time your taxes are filed.
    • 25. BE AWARE!!!You can be audited up to 6 years after filing your taxes .If you can not produce proof and receipts you will be asked to: pay back any credits and refunds PLUS interest from the date the money was issued to you by CRA
    • 26. Questions?
    • 27. International Students ITN Application formSite: http://www.cra-arc.gc.ca/E/pbg/tf/t1261/t1261-12e.pdf
    • 28. Certified Copy of Passport for ITN Application Bring your original passport, Study Permit AND completed ITN application to a Professor at UTSC Ask them if they would be willing to make a photocopy for you The Prof. must then sign the photocopy saying it is a “true copy of the original passport” The Prof. must also sign and date the photocopy stating their position at UTSCNOTE: this should be free of charge BUT all professors may not have timeor access to a photocopier to do this for you. You may also pay a lawyer or Notary Public $30-100 to make each “certified copy” – contact the ISC for a list of local lawyers and Notary Public officials you can use
    • 29. Mailing my ITN Application From: Student’s Full Name Address Toronto, Ontario M1C 1A4 <postal code> Canada To: International Tax Services Office Returns Processing DivisionStandard Letter Costs 2204 Walkley Road $0.59 Ottawa ON K1A 1A8 - - Canada
    • 30. Questions?Website: http://www.scsu.ca/taxclinicEmail: taxclinic@scsu.caVisit weekly office hours – Room SL 116 Mondays 11am – 1pm Wednesdays 12pm – 2pm