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WELCOME!!!
INCOME TAX FILING INFO SESSION FOR FIRST TIME & RETURNING FILERS
Updated: February, 2017Presentation by: Sr. Planning Team
SCARBOROUGH CAMPUS STUDENTS’ UNION (SCSU)
Elected Student Body Manage Student CenterOwn Rexes Den
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WEBSITE HTTP://SCSU.CA/TAXCLINIC/
http://facebook.com/scsutaxclinic
AGENDA
• What is involved in filing taxes in Canada?
• Income Tax Clinic Dates and Locations
• What happens after you file my taxes and what
are your responsibilities to CRA?
• Questions
WHAT IS INVOLVED IN FILING TAXES IN CANADA?
•Legislated by the Federal Government through the CRA
•Self Assessment System
•Individuals complete their tax return to:• report their annual income • Claim a refund• Claim GST/HST Credit
•In March 2017, we will file for the previous tax year (from January 1, 2016 to December 31, 2016)• Return for 2016 has to be filed on or before APRIL 30, 2017
WHAT IS INVOLVED IN FILING TAXES IN CANADA?
Completion of a T1 General • 2015 income tax package
What is this?• 4-pg booklet• schedules
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 Canada
ALL Residents of Canada, are required to file their taxes
WHY SHOULD YOU FILE YOUR TAXES?
No income ? (Jan 1st 2016-Dec 31st 2016)
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 • Etc…
BENEFITS OF FILING TAXES
GST/HST Tax CreditEligibility• Be at least 19 years of age before April 1, 2017
What’s in it for you• $60-$100 FOUR times per year!• Paid every quarter in 2017 (July, October, January,
April)
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!!
PROPERTY TAX CREDITS
Campus Residence
You will receive an automatic
$25 refundable credit when
filing your taxes
No need to keep you receipts as this information
is available through ROSI
Off- Campus (Renting)
Students are eligible to claim a portion of the rent you have
paid for the tax year when you file your taxes
Typically students receive
a $200-$400 refundable
credit depending on
total rent paid in 2011
To be eligible for the property tax credit, you must
have rental receipts from your landlord
that are recognized by the Canadian
Revenue Agency (CRA)
SAMPLE RENTAL RECEIPT
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 ITN as identification for CRA
IDENTIFICATION – FIRST TIME FILERS
Canadian residents are required to have a SIN number to file taxes
International students who do not have a SIN, must apply for an Individual Tax Number (ITN) immediately
* Even if student does not have any ITN number we can file their tax return using 000-000-000 and attach and ITN application with the return.
This takes 4-8 weeks to received from CRA by mail
FIRST TIME INTERNATIONAL FILERS ONLY
If you are not eligible for a SIN• Apply for an Individual Tax Number
(ITN)• Form T1261
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 CRA
GETTING READY TO FILE YOUR TAXES
Some things you need to know…
IMPORTANT TAX FILING DATES
• Taxes are filed on an annual basis• All tax forms are due on or before April 30th of every
year
If 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
WHAT DO I BRING TO THE SCSU INCOME TAX CLINIC
1. 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 20176. Rental receipts for any off-campus housing or a copy of
cancelled/returned cheques/money orders/bank drafts you used to pay your landlord
WHAT DO I BRING TO THE SCSU INCOME TAX CLINIC
7. T2202A – 2016 (printed from ROSI under “tax forms”)8. T5 Slips 9. TTC Monthly Passes, TTC Weekly Passes, or Go Transit Monthly
Passes and receipts 10. T4 Slip 11. Any receipts of charitable donations you made12. 2015 Notice of Assessment (if you filed your income tax
return last year)
*if you have previously filed your taxes and want to file electronically
BANK DEPOSIT INFORMATION
Call your bank and ask for:• Your Account Number• Branch Number• Institution Number
ORBring us a photocopy of VOID Cheque
IMPORTANT REMINDER!!!
The Canadian Revenue Agency can choose to review your file for up 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 submit for up to six (6) years
from the time your taxes are filed.
BE AWARE, KEEP YOUR DOCUMENTS!
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
INFORMATION ABOUT ITN APPLICATION FOR
INTERNATIONAL STUDENTS ONLY
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 time or 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
MAILING ITN APPLICATION
From: Student’s Full NameAddressToronto, OntarioM1C 1A4 <postal code>Canada
To: International Tax Services Office Returns Processing Division2204 Walkley RoadOttawa ON K1A 1A8Canada
Send by Xpresspost or Canada Post
Registered Mail to ensure guaranteed
delivery
Standard Letter Costs
$0.89 - -
