As students, the filing of your tax return should be taken very seriously, so that the details of your Canadian Income Tax are accurate. In Canada, you may earn income via various sources such as work, investments, scholarships, research grants, fellowships and more. Based on your earnings, you may get a refund and you may also have to pay your taxes. If you didn’t earn anything at all, you may still be able to enjoy the benefits of filing a tax return.
If you’re an international student, you should know that you are required to file an income tax return if the following criteria apply to you:
- If you receive any income (which stems from the sources, we stated before)
- If you want to claim a tax refund
- If you want to apply for the Harmonized Sales Tax (HST), Ontario Trillium Benefit and other tax credits.
- If you or your spouse/common-law partner want to begin or to continue getting Canada Child Tax Benefit payments.
Now, despite not receiving income from a Canadian source, as an international student so that you can complete an income tax return for a number of reasons, which we’ll state below:
- You may qualify for certain tax credits (such as the HST tax credits and the Ontario Trillium Benefits)
- You can forward your unused tuition and education credit amounts from the present year, to a future one when you are actually working.
If you are looking for bookkeeping or accounting services in Ottawa, then you have come to the right place. We can help with book keeping, tax preparation as well as professional & local Ottawa payroll services. Additionally, we offer business advisory services as well as CFO/Controller services. Priti Lad Professional Corporation assists individuals who need a little or a lot of help in organizing and recording their financial affairs. Whether your time is limited, you find bookkeeping an absolute bore or you want to spend more time growing your business instead of working in the business, we can help.