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Tax Time for Marauders

Blog/FavouritesFebruary 27th 2023

Attention Marauders!  Want to feel really empowered?  Want to take control of your money? File your own taxes, that’s how. It is the most important homework you will ever do.  Best news – no experience necessary – Mac's Money Centre will teach you how through their D.I.Y Tax Clinics. Students with low or moderate income can receive up to $2,000 to offset their expenses that come from rebates for GST, rent paid, Ontario sales taxes and gas tax and not pay tax. 

Here is how: Attend one of their D.I.Y Tax Clinics.  Part One gives you an overview of how taxes work in Canada, important slips and receipts you will need to do your taxes and what benefits and credits to look for in your return.  Then you get a break to gather up your slips and get ready.  Part Two is hands on, and they will walk you through the preparation and let the software do all the work.  You will be able to send your return electronically and receive your money within a few weeks. 

Also, did you know that most students do not have to pay any tax?  Taxes only kick in if you are making over $15k.  So filing taxes for most students means money back right away and recording your tuition credit for future reductions in tax.  Mac's Money Centre will explain the best kept secret about your tuition credit.  And no income you say, no worries.  You still have to file your tax return in order to receive your benefits and record your tuition credit. 

Another important consideration to make is the Canada Housing Benefit, offered by the Government of Canada that aims to help low-income renters with the cost of renting. You may be eligible for a tax-free one-time payment of $500 if your income and the amount that you pay on rent qualify. Applications will be open till March 31st, 2023. Eligibility is based on the amount of rent you paid and maximum income of $20,000 for individuals.  Visit their webpage on how to apply through your CRA account or through an application.  Don’t miss out!