Tax Tip - Students, it's time to get tax savvy - the benefits (and credit payments) of filing your tax return

OTTAWA, ON, Jan. 14, 2025 /CNW/ - As a student living in a digital world, you're probably already pretty tech savvy, but now it's time to get tax savvy! We know filing an income tax and benefit return can feel overwhelming and confusing, but we can help.

Tax savvy tip – filing your tax return every year can make your funds go further. You can potentially:

• get (or continue to get) the benefit and credit payments you're eligible for, like the goods and services tax/harmonized sales tax (GST/HST) credit and related provincial or territorial credits;
• claim tax credits, like the tuition tax credit and interest paid on student loans;
• get a refund.

International students don't miss out! 

If you're an international student living in Canada, filing a tax return can also help. You could be eligible for some benefit and credit payments. Visit benefits, credits, and taxes for newcomers for more information. 

To find ways to file your tax return, including through a free tax clinic, check out Get ready to do your taxes. This page will be updated in late January 2025. 

Take a look at our guidelines for becoming tax savvy below:

Remember these dates 

• February 24, 2025 – This is when you can start filing your tax return online.
• April 30, 2025 – This is the deadline for most individuals to file their tax return.
  • If you have a balance owing for your 2024 tax return, pay it by April 30, 2025, to avoid penalties and interest.
• June 15, 2025 – This is generally the deadline to file your tax return if you or your spouse or common-law partner are self-employed.
  • Since that date falls on a Sunday, your return will be considered filed on time if the CRA receives it or it is postmarked on or before June 16, 2025.

Tax savvy tip – add these dates to your calendar so you don't forget them! 

Maximize your money

Life can be expensive, but benefit and credit payments, along with tax credits and deductions, can help.

You might be eligible for tax-free payments such as the:

• GST/HST credit – a quarterly payment that can help eligible individuals get up to $533 a year.
  • It may also include a related provincial or territorial credit amount.
• Canada Carbon Rebate – a quarterly payment that can help eligible individuals and families in certain provinces offset the cost of the federal pollution pricing.
• Canada child benefit – a monthly payment made to eligible families that can help them with the cost of raising children under 18.
  • It may also include a related provincial or territorial benefit amount.

You might be able to claim the: 

• Disability tax credit (DTC) – $9,872 as a non-refundable tax credit, persons under 18 may also be eligible for an additional $5,758. 
  • Any unused amount may be transferred to a supporting family member.
• Tuition tax credit – reduce the taxes you owe by claiming tuition amounts. 
  • Tax savvy tip – You may be able to transfer or carry forward unused amounts.
• Interest paid on student loans – a non-refundable tax credit for the interest you pay on your government student loans each year.
• Moving expenses – if you moved at least 40 km closer to your educational institution. 

Tax savvy tip – non-refundable tax credits reduce the taxes you owe, but only to zero so they cannot be refunded to you. 

Savings plans 101 

Saving might feel out of reach right now. But if you're able to, there are plans, including tax-free savings plans, you can take advantage of. Tax savvy tip – it's only tax-free if you follow the rules!

• Tax-Free Savings Account (TFSA): set money aside tax-free throughout your lifetime. 
• Registered Retirement Savings Plan (RRSP): save for your retirement. 
• First Home Savings Account (FHSA): save up to buy or build a qualifying first home.
• Registered Education Savings Plan (RESP): save for education after high school, including trade school, college, university, and more.

Tax savvy tip – keep track of your contribution limits (especially if you have more than one plan) to avoid overcontributing.

Boost your tax literacy

Improving your tax literacy will help you make informed tax decisions with confidence. Our tax literacy page has resources to help. 

Want to keep up with the latest CRA updates? Follow us on Instagram so you never miss out on tax tips. You can also listen to our Taxology podcast which covers topics like the platform economy. Multitask by listening to our experts talk taxes while you're commuting or taking a walk.

Tax savvy tip – understand what taxes are, how to do them, and what's in it for you with the Learn about your taxes online learning tool.

Additional tax savvy resources

• CRA account – update your information, check your benefit and credit payment dates and refund amount, and so much more. 
  • Tax savvy tip – if your marital status changes, sign in to your CRA account to update your personal information as soon as possible to make sure you get the right benefit and credit payments and avoid having to repay any overpayments. 
• Email notifications from the CRA – set your correspondence preferences to "Electronic mail" to stop receiving paper mail from the CRA and instead receive an email notification when online mail, such as your notice of assessment or reassessment, is available in your CRA account. 
• Sign up for direct deposit – get your money in your account, not in the mail.
• Check out our resources designed with students in mind: 
  • dedicated web page for students;
  • factsheet: Students: Get your benefits and credits!
• Learn about tax benefits and credits through free webinars and recordings.

Contacts

Media Relations
Canada Revenue Agency
613-948-8366
[email protected]

Stay connected

• Follow the CRA on Facebook
• Follow the CRA on X – @CanRevAgency
• Follow the CRA on LinkedIn
• Follow the CRA on Instagram
• Subscribe to a CRA electronic mailing list
• Add our RSS feeds to your feed reader
• Watch our tax-related videos on YouTube
• Listen to our Taxology podcast 

SOURCE Canada Revenue Agency