4. • What is involved in filing taxes in
Canada?
• Benefits of filing my taxes?
• What do I need to file my taxes?
• How can I file my taxes?
• Where do I send my taxes?
• What happens after I have filed my
taxes?
• Online Resources
AGENDA
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5. • Legislated by the Federal Government
through CRA
• Self-assessment system:
• Individuals complete their tax return to report
their annual income
• Calculate whether they owe tax or will receive a
refund
• Filing Deadline: April 30th, 2015
• Tax Filing for Jan 1st – Dec 31st, 2014
What is involved in filing taxes?
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6. Completion of a 2014 - T1 General
package of forms (4 pgs) and schedules
What is involved in filing taxes?
6
But, you don’t have
to complete these
forms and
schedules by hand
– there is FREE
online software!
7. • Even if you had no job = no income for
Jan – Dec 2014, you SHOULD file your
taxes
• Why? Get a $ refund or $ credits
• GST/HST credits and Ontario Sales Tax
Credit for being low income
*eligible if you turn 19 before April 2016
• Ontario Property Tax Credits if you rent
off-campus or live on-campus in residence
*eligible for 18 years and older
• Carry forward tuition credits
Benefits of filing my taxes?
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8. The GST/HST credit *eligible if you turn 19 before April 2016
is a tax-free quarterly payment that helps
individuals with $0/low incomes offset part of
the sales tax they pay
• Paid quarterly (July, October, January and
April)
• Can be approximately $68 x 4 = $272 for
UTSC students with low income
Benefits of filing my taxes?
8
9. The Ontario Sales Tax Credit *eligible if you turn 19 before April 2016
helps low- to moderate-income
individuals with the sales tax they pay
*This credit is part of the Ontario Trillium
Benefit
• Paid monthly starting July 2015 – June 2016
*OR if <$360 total this is paid in one lump-sum in July 2015
• Can be approximately $287 for international
students
Benefits of filing my taxes?
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10. Ontario Property Tax Credit *eligible for 18 yrs or older
If you live on-campus in
Residence = $25
If you live off-campus
and pay rent = $300+
*depending on total amount of rent paid in 2014
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NO receipt is
necessary if
you live in
Residence!
If you pay
rent, ensure
you have a
receipt from
your Landlord
11. How much money can I expect to receive if I file my
2014 taxes as a 1st year International Student?
EXAMPLE: 1st year
International Student living
in-campus in Residence
After filing taxes…
GST/HST credit: $68/quarter =
$272
Ontario Trillium Benefit = $312
• Ontario Sales tax Credit = $287
• Ontario Property Tax Credit = $25
TOTAL: $584
(paid in installments)
EXAMPLE: 1st year
International Student living
off-campus paying rent
($400/month) to a landlord
After filing taxes…
GST/HST credit: $68/quarter =
$272
Ontario Trillium Benefit = $594
• Ontario Sales tax Credit = $287
• Ontario Property Tax Credit = $307
TOTAL: $866
(paid in installments)
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12. REQUIRED:
1. Social Insurance Number (SIN)
What do I need to file my taxes?
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Apply for a SIN at the local Service Canada
Office (beside Scarborough Town Centre).
International students must present:
• a study permit that indicates the permit holder
“may accept employment” or “may work” in
Canada *; OR
• a co-op work permit if you are a co-op student
*NOTE: If your study permit says anything
else, contact the ISC’s Immigration Advisor
Nassim at: nassim.yahyaei@utoronto.ca
13. REQUIRED:
2. Direct Deposit banking info or cheque
(Institution #, Branch #, Account #)
What do I need to file my taxes?
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Branch/Transit # Institution # Account #
14. REQUIRED:
3. Canadian mailing address in Summer 2015
(to receive correspondence back from CRA)
What do I need to file my taxes?
14
Important correspondence from CRA will come
4-6 weeks after filing your taxes!
Don’t know where you will be moving to in Summer 2015?
Ask a trusted friend or family member with a permanent address if you can
use their mailing address temporarily.
15. REQUIRED:
4. T2202A – 2014 printed from ROSI
under “Tax Forms”
What do I need to file my taxes?
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16. Bring If applicable
T4 Slip If you worked in 2014
T4A Slip (s) If you received
scholarships/bursaries
Rental Receipts OR copies of
cheques/interact online payments
*made to your landlord in 2014
If you paid rent off-campus in 2014
Passport If you arrived in Canada in 2014 to
show the date of arrival
T5 Slip from your Bank If you have investments/earned
interest
What do I need to file my taxes?
Not required for most students
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17. Bring If applicable
TTC Metropass/GO Train Monthly
Pass and/or receipts
*usually only necessary if you have
worked and are claiming the Public
Transit Credit
Charitable donation receipts for
2014
You have made donations to
Canadian registered charities
2013 Notice of Assessment from
CRA
If you previously filed your taxes
last year
What do I need to file my taxes?
Not required for most students
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18. For more info contact UTSC’s Off-campus Housing Office
*a FREE service open to all UTSC students (located in the Residence Centre)
Sample Rental Receipt
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19. 1. Use the Scarborough Campus Student
Union (SCSU)’s FREE Income Tax Clinic
2. You can file your taxes using online
software by yourself
3. Hire a reputable company/accountant
to complete your taxes for you
How can I file my taxes?
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20. International Students Filing
for the 1st time
International Students who
have filed taxes before
To: International Tax Services
Office, CRA
Post Office Box 9769, Station T
Ottawa ON K1G 3Y4
CANADA
To: Canada Revenue Agency
Tax Centre
1050 Notre Dame Avenue
Sudbury ON P3A 5C2
CANADA
Where do I send my taxes?
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*If you have previously filed your Canadian Income
Taxes, you may be eligible for NETFILE
21. • After you file your tax return CRA will
review the information you submit to
confirm the calculations are correct
• You can expect your tax return to be
processed in approximately 4 - 6 weeks
if you file by mail
What happens after I have filed my taxes?
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22. Notice of Assessment
• You will receive a
“Notice of
Assessment” 4-6
weeks after submitting
your return and this
will explain your
refund and credits
• Be sure to keep this
for your records!
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23. IMPORTANT REMINDER!!!
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The Canadian Revenue Agency can choose to review
your file for up to six (6) years from the time you
file your taxes. So keep a copy of everything!
If you can not produce receipts and proof upon being
audited, you will be required to:
• Pay back any credits or refunds PLUS back-dated
interest from the date the funds were originally
issued to you
24. CRA’s International Students and Income
Tax Videos
Canada Revenue Agency
File your taxes using UFILE
Online Resources & Tools
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