SCSU
  • Home
  • About
    • FAQs SCSU
    • Policies & By-Laws
    • Board
    • Staff
  • Services
    • Odeno
    • Health Plan
    • Food Bank
    • Advocacy
    • Buy
    • Discounts
    • The SCSU Nook Blog
  • Events
  • Get Involved
    • Chapters & Clubs
    • Elections
    • Professional & Career Development
    • Job Postings
    • ISU
    • Volunteer
  • Contact
    • Partner with us
  • Student Support
  • International Women's Day

2/22/2023

​It's Tax Season! What You Need to Know

0 Comments

Read Now
 
Picture
Understanding Canadian Federal and Provincial Taxes 
What are Taxes?
Canada has three levels of government (federal, provincial, and municipal) that provide services and programs for its citizens. In order to fund these services the governments levy income taxes, sales taxes, property taxes, and corporate taxes. In order to make sound financial decisions one must consider the tax implications that may arise (tax benefits or tax consequences). 
  • Sales taxes are the additional amount paid when purchasing goods and services. In Ontario, the HST tax that totals 13% of which 5% goes towards the federal government and 8% to the province.
  • Income taxes is the amount levied by the government on your income (employment, investment, retirement).
 
Who is required to pay income taxes in Canada? 
​
All students residing in Canada, including international students, are obliged to file their taxes. And while this might seem like a messy task to partake in—especially with exams around the corner, doing so will help you get refunds on several expenses you’ve made throughout the year.

Tax Planning
 
Documents you will need to file your taxes:
Here is a list of the most common documents students might require to file their taxes. However, your accountant or tax professional may require other documentation depending on your situation.
  • T2022 The T2202, also known as the Tuition and Enrolment Certificate and Summary form, is a document that summarizes all amounts paid toward tuition and fees in a calendar year.
Where to locate your T2202  A T2202 slip will be available on your Sault College Student Portal account under “Records” -> Financial Records -> Income Tax (T2202) in February.  
  • T4 The T4 slip, also known as the Statement of Remuneration Paid, is a document that summarizes all of the money paid by an employer to an employee during a calendar year.
Where to locate your T4: A T4 will be provided to you by your employer (or your former employer) either electronically or by mail. 
  • T4E The T4E, also known as the Statement of Employment Insurance and Other Benefits, is a document that summarizes the gross amount of benefits paid to an individual, the income tax deducted from benefits received, and the amount paid towards an overpayment (if applicable) during a calendar year. 
Where to locate your T4E: The T4E is available as of February 1st through My Service Canada Account (MSCA). The T4E will be mailed to you if you do not have an MSCA account.
  • T4A The T4A is a document that summarizes the amounts received from other income categories that do not appear on a T4 slip (ex., self-employment income, bursaries, scholarships, donor awards, etc.).
Where to locate your T4A: If you received a bursary or a scholarship, a T4A slip will be available on your Sault College Student Portal account under “Records” -> Financial Records -> Income Tax (T4A) in February. If you received self-employment income, please contact your tax advisor in order to complete a T4A slip.
  • T5 The T5, also known as the Statement of Investment Income form, is a document that reports all interest and investment income earned during a calendar year.
Where to locate your T5: A T5 slip will be provided by the financial institution that manages your investment or savings account either electronically or by mail.
Employers and institutions have until February 28th to release your tax documents. If you have not received your documents before March 1st, please contact your employer and/or institution for guidance. 
 
Key dates for filing 2022 income taxes 

  • February 20, 2023 - Earliest day to file your income taxes.
  • April 30, 2023 - Deadline to file your income taxes.
  • June 15, 2023 - Deadline to file your taxes if you (or your spouse/common-law partner) are self-employed.

Where can you file your taxes?  
You can file your taxes through a Tax Preparation Specialist or online through tax filing software. If you are new to filing your taxes, it is recommended that you go through a Tax Preparation Specialist.
You can check if there is a free tax clinic available in your area by checking the CRA website: Find a tax clinic in your area (cra-arc.gc.ca)

Picture

Share

0 Comments



Leave a Reply.

Details

    Author

    This blog will be compiled of pieces written by a variety of folks around campus. If you are interested in contributing please email kala.adams@saultcollege.ca

    Archives

    February 2023
    December 2022

    Categories

    All

    RSS Feed

Home

Services

About

Contact

Picture
Picture
  • Home
  • About
    • FAQs SCSU
    • Policies & By-Laws
    • Board
    • Staff
  • Services
    • Odeno
    • Health Plan
    • Food Bank
    • Advocacy
    • Buy
    • Discounts
    • The SCSU Nook Blog
  • Events
  • Get Involved
    • Chapters & Clubs
    • Elections
    • Professional & Career Development
    • Job Postings
    • ISU
    • Volunteer
  • Contact
    • Partner with us
  • Student Support
  • International Women's Day