International student - first time tax filer

[itstime]

I've been told that as an international student it is good to file tax returns even if I haven't worked. I'm on my first year of studies. Started September 2013. I paid first semester in June and second semester in November. As per schools requirements.

Am I allweod to use both semesters in my claims?

I was also told that I can claim housing, even though I live in an apartment. As long as I can prove my rent payment. I can as I have bank statements.

As for transportation, I know that I can claim travel with TTC. Stupidly the first few weeks, after moving in to my place, I used tokens. I also had a rental car, while staying with friends, until I had my place. On top of that, I read something on the CRA website about moving costs. Can international students claim that too?

What else can I claim? Purchase of laptop for studies? Other materials required by my program? What?

What are the benefits of filing already now? Will it reduce the taxes I have to pay this year, now that I am able to work? Will anything be returned/repaid to me this year?

Thanks in advance for the help from a very confused student in the middle of finals and all.

 

[Rosie1957]

Whoa, whoa, whoa. The university or college you're attending should have sent you a T2202A slip. The claims you can make depend entirely on that slip. It will state the amount of tuition you paid, the numbers of months you attended full-time and the numbers of months you attended part-time. You get a fixed "education amount" for each full-time month and a different amount for each part-time month. Federally, you also get a "textbook amount," but again this is a fixed rate that depends on your full-time and part-time months as shown on the T2202A.

Have a look at federal Schedule 11 and its provincial equivalent S11.

These are all non-refundable credits, which means that if you have no tax owing, they don't do anything for you this year. However, if you *file* them for this year, you can carry them forward to use in future years when you might have some income and therefore some tax.

 

[itstime]

Yes, the college did send me something and I have it available on line as well.



What about everything else?


(edited to add) Just checked the form. It does have the first semester on there only and sais something about schedule 11.

Now, textbooks, we haven't had this first semester. We were ordered to buy a whole bunch of equipment and if we didn't have it we'd lose points every day. It's in the hundreds of dollars. I think my spend was roughly $700 but I know those who spent a lot more.

 

[Rosie1957]

The second semester should show on your 2014 T2202A that you'll receive in the spring of 2015. You can claim it on your 2014 taxes.

The textbook amount you can claim has nothing to do with how much you actually spent. It depends on the number of full-time and part-time months shown on your T2202A. Federally, it's $65 per full-time month, $20 per part-time month. If you attended September through December full-time and your T2202A says 4 months full-time, then your federal textbook claim is $260. There is no way for you to claim any additional amounts spent.

The province where I live and work has no provincial textbook claim, but yours may be different?

 

[CanadianResident11]

The advice is right, you can claim for your tuition only what shows on your T20 statement. I think it would only have the entry for the first semester. For the second semester, even when you paid for it in Nov 2013, you would be able to claim for it in 2014 as you went to school for it in that year.

Yes you can claim all your TTC cards and your house/condo rent as well. Please don't feel bad for using tokens or rental car as the discount is ONLY for using public service so car wouldn't be covered anyway and tokens are cheaper for the short duration of month that you are going to school for.

You would not be able to claim separately for books as it is automatically build in the tax software depending on how many months that you have gone school to. Don't worry about it at all.

Tax filing time has to be before the deadline (April 31st I think, but do check). Anytime before the deadline is the same (doesn't reduce your tax filing for next year). However, the sooner you send, the sooner you receive your returns. Please remember you might qualify for Ontario Trillium benefits and more so if you do not know if you qualify for it, mark to be evaluated for the same and CRA would see if you are eligible and send more some money for it.

It is real easy and quick to file it online (like with TurboTax) with a service charging 17 dollars online and you don't have to send even a paper. Also there are accountants that file it for you for $15 for students in Toronto. So they could file it for you within half hour (relatively easy again). It is a relatively easy process and yes you would be getting money back [just the benefits in Ontario could be more than $500].

Also, one more thing to remember. You get to claim your fee amounts in tax filing. Since you did not make any income this year, you get your tuition credits for this year and next year when you make income, it will reduce your tax substantially using tuition credit for last year and of the same year. But nothing for you to remember. It will be automatically applied. The choice to claim Tuition credit is better to be applied in the year when you make a lot of money (once you get a full time job) so that it reduces your tax percentage bracket OR you could apply it when you are earning a little even on a student job. Your choice. Since you are filing taxes for the first time and accountants don't charge that much, I would recommend you should go to an accountant. It would not take more than 30 min and more than $15. All the best!

 

[itstime]

Awesome guys! Thank you so much. They've actually extended the deadline thanks to the Heartbleed bug so it is now may 5th.

I think that the advice of using an accountant this first time might be the one to follow. At least for now.

Again, thanks! This helps a lot.