Embed Size (px)
Citation preview
Canadian Income Tax Filing forInternational StudentsInternational Student CentreDepartment of Student LifeMarch 2015
ISC TEAM
YOU
MANAGER
PROGRAM ASSISTANT
ISC VOLUNTEERS
ISC STUDENT STAFF
IMMIGRATION ADVISOR
INTERNATIONAL EDUCATION & TRANSITION COORDINATORS
C3 FACILITATORS & PEERS
ISC ...
Supporting you!
Transition
Cultural Sensitivit
y
Interpret new
environment
Academic
support
Connect to
campus resource
s
Immigration
FREE Certified Advisor
Peer connectio
n
Work & Voluntee
r
Meet friends
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
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?
6
Completion of a 2014 - T1 General package of forms (4 pgs) and schedules
What is involved in filing taxes?
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?
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?
9
The Ontario Sales Tax Credit *eligible if you turn 19
before April 2016
helps low- to moderate-incomeindividuals 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?
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 2014NO 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 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)
11
REQUIRED:1. Social Insurance Number (SIN)
What do I need to file my taxes?
12
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: [email protected]
REQUIRED:2. Direct Deposit banking info or
cheque (Institution #, Branch #, Account #)
What do I need to file my taxes?
13
Branch/Transit # Institution # Account #
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.
REQUIRED:4. T2202A – 2014 printed from ROSI
under “Tax Forms”
What do I need to file my taxes?
15
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
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
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
18
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?
20
International Students Filing for the 1st time
International 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
Where do I send my taxes?
*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?
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!
IMPORTANT REMINDER!!!
23
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
