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Canadian Income Tax Filing for International Students SCSU Tax Clinic March 2017

Benefits of Filing Taxes

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Canadian Income Tax Filing for

International StudentsSCSU Tax Clinic

March 2017

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AGENDA• 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

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What is involved in filing taxes?• 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, 2017• Tax Filing for Jan 1st – Dec 31st, 2016

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What is involved in filing taxes?

• Completion of a 2017- T1 General package of forms (4 pgs) and schedules

But, you don’t have to complete these

forms and schedules by hand

– there is FREE online software!

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Benefits of filing my taxes?• Even if you had no job = no income for Jan –

Dec 2016, 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

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Benefits of filing my taxes?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

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Benefits of filing my taxes?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 2017 – June 2018

• *OR if <$360 total this is paid in one lump-sum in July 2015

• Can be approximately $287 for international students

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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

NO receipt is necessary if you live in Residence!

If you pay rent, ensure you have a

receipt from your Landlord

How much money can I expect to receive if I file my 2016 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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What do I need to file my taxes?

•REQUIRED:1. Social Insurance Number (SIN)

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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

What do I need to file my taxes?

•REQUIRED:2. Direct Deposit banking info or cheque

(Institution #, Branch #, Account #)

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Branch/Transit # Institution # Account #

What do I need to file my taxes?

•REQUIRED:3. Canadian mailing address in Summer 2017 (to receive

correspondence back from CRA)

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Important correspondence from CRA will come 4-6 weeks after filing your taxes!

Don’t know where you will be moving to in Summer 2017?Ask a trusted friend or family member with a permanent address if you can use their mailing address temporarily.

What do I need to file my taxes?

•REQUIRED:4. T2202A – 2016 printed from ROSI

under “Tax Forms”

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What do I need to file my taxes?Not required for most students

Bring If applicable

T4 Slip If you worked in 2016

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 2016

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

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What do I need to file my taxes?Not required for most students

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

Sample Rental Receipt• For more info contact UTSC’s Off-campus Housing Office *a FREE service open to all UTSC students (located in the Residence Centre)

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How can I file my taxes?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

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Where do I send my taxes?International Students Filing for the

1st timeInternational Students who have filed

taxes before

To: International Tax Services Office, CRAPost Office Box 9769, Station TOttawa ON  K1G 3Y4CANADA

To: Canada Revenue AgencyTax Centre1050 Notre Dame AvenueSudbury ON P3A 5C2CANADA

*If you have previously filed your Canadian Income Taxes, you may be eligible for NETFILE

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What happens after I have filed my taxes?

• 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

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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!

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

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Online Resources & Tools• CRA’s International Students and Income Tax Videos

• Canada Revenue Agency

• File your taxes using UFILE