Justin Egert, Chartered Professional Accountant

Is it worth filing a tax return as a student even if you make little to no income? In most cases, yes! Here are some of the advantages of doing so:

✔️Canadians are eligible to earn a certain amount of income tax-free. But your employer might still have deducted taxes off your pay-cheques. If so, you can claim a refund.
✔️You might be eligible to receive the GST/HST tax credit four times a year (which you are only eligible for if you file your tax return).
✔️If you earned income, you can start building your RRSP contribution room early which carries forward and leads to tax benefits later on.
✔️You can claim a tuition tax credit for your tuition fees. If you cannot use the credits right away, a portion can be transferred to a parent, grandparent, spouse or common-law partner, and it can be carried forward indefinitely.
✔️If you have qualifying student loans, you can claim the interest as a tax credit. The credit can be carried forward for five years.

If you have any questions, feel free to reach out at [email protected]

The BC Recovery Benefit is a new grant available to BC residents. The grant is a one-time, tax-free payment of up to $1,000 for eligible families and single parents and up to $500 for eligible individuals.

https://www2.gov.bc.ca/gov/content/economic-recovery/recovery-benefit

BC Recovery Benefit The BC Recovery Benefit is a one-time tax free payment of up to $1,000 for eligible families and single parents and up to $500 for eligible individuals.

That’s a wrap! I want to thank all of my trusted clients for your continued support during this ‘extended’ 2019 tax season. I have received an overwhelming amount of kind and supportive feedback which I cherish greatly. I continually strive to improve and reach for excellence at my accounting practice and look forward to working with you in the future.

In this season of uncertainty, I have been reminded of places and spaces that bring joy, health, and peace. For me, that looks like soaking in breathtaking nature and scenery. Getting out of the house and into the outdoors has never felt more enjoyable. I wish everyone a fantastic Spring/Summer and hope you can also find your spaces of rest.

*EXTENDED DEADLINE REMINDER* the personal tax filing deadline for 2019 is extended to June 1 (June 15 for Sole Proprietorships).

Please be aware the CRA will still assess penalties on tax returns with amounts owing if they are filed late. If you have any questions, feel free to reach out to me at [email protected]. Wishing you health and hoping you are able to enjoy some of this beautiful spring weather.

I’m certain that tax season is likely the last thing that many want to be thinking about. The CRA has extended the tax payment deadline to September 1, 2020 to pay any 2019 income tax amounts owed. If you are expecting a refund, you might decide to file your taxes sooner rather than later because the CRA still pays refunds as usual.

Should you have the band-width for this, I want to remind you that I offer tax services remotely for both personal and small businesses. As a home-based practice I am fully equipped for you to send and receive your tax documents securely through the internet. We can also correspond via email, phone, or video chat so you don't have to leave your home. If you have any questions, feel free to reach out at [email protected]. Wishing everyone health and peace.

Is it worth filing a tax return as a student even if you make little to no income? In lots of cases, yes! Here are some of the advantages of doing so:

✔Canadians are eligible to earn a certain amount of income tax-free. But your employer might still have deducted taxes off your pay-cheques. If so, you can claim a tax refund.
✔You might be eligible to receive the GST/HST tax credit four times a year (which you are only eligible for if you file your tax return).
✔If you earned income, you can start building your RRSP contribution room early which carries forward and leads to tax benefits later on.
✔You can claim a tuition tax credit for your tuition fees. If you cannot use the credits right away, a portion can be transferred to a parent, grandparent, spouse or common-law partner, and it can be carried forward indefinitely.
✔If you have qualifying student loans, you can claim the interest as a tax credit. The credit can be carried forward for five years.

If you have any questions, feel free to reach out at [email protected]

March 2, 2020 is the RRSP contribution deadline for the 2019 tax year! RRSP contributions can significantly reduce your taxes right away and can help you meet your long term financial goals. If you have any questions feel free to reach out at [email protected]