Tax tips for students/singles

1. Eligible students can cADDlaim tuition and education expenses — refer to the Canada Revenue Agency's (CRA) tax guide or website (www.cra-arc.gc.ca) for more information.
2. You may also claim interest on student loans.
3. If you have to move more than 40 kilometres away for work, you may be able to claim moving expenses. Check the CRA's tax guide or their website for more information: www.cra-arc.gc.ca.
4. You can avoid penalties by filing your return on time even if you can't yet afford to pay the tax balance due.
5. If your earned income is low enough that you don't need to file a tax return, you should file one anyway, because you may be entitled to the GST credit and you will also be creating RRSP contribution room for future use.
6. If you make regular RRSP contributions, ask your employer to arrange for the tax withheld on your paycheque to be reduced in order to reflect the savings those contributions will bring. This saves you from effectively lending the government interest-free money and waiting until your refund cheque arrives to get it back.
7. If you expect your income to be substantially higher next year than this year, consider saving your RRSP deduction for that year. It will be used more effectively when you're in a higher tax bracket.
   

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Tax tips for students-singles