Students

Do I get money back from my tuition credit?

The tuition credit is a non-refundable tax credit, which means that you don’t get any money back from it, but it does lower your tax liability if you owe money to the government.

Let’s look at an example. Suppose you have $5,000 of tuition for the 2023 year. The credit would be as follows:

Federal credit: $5,000 x 15% = $750
Québec credit: $5,000 x 8% = $400
Total credit $1,150

Let’s imagine that you owe $1,500 in taxes that year. The $1,150 credit would be deducted from this amount. If your tax credit happened to be more than what you owed, these unused tax credits could be carried forward to future years.

If you are a student paying international tuition up to a total of $100,000, you could be eligible for significant tuition credits that can be carried over into future filing years once you start working in Canada.

I’m an international student. Do I need to file a tax return?

International students who earn any income through employment, scholarships, bursaries, and/or interest are responsible for filing a tax return. If you have no income, it’s still wise to file, because you may be eligible for certain refunds or credits, including the GST credit, the solidarity tax credit, or the real estate credit.

What documents do I need to file my taxes? 

You will need your social insurance number or individual tax number, plus the following documents:

• Receipts: tuition, monthly transit pass, moving expenses, medical care.
• Forms: T4 (if you are working) and a T5 form from your bank to show any interest earned.
• If you are a Québec resident, you will also need an RL-31 form from your landlord.
• Other: any documentation concerning scholarships and bursaries.

Do I have to file even if I don’t have a job? 

Yes, everyone should file. You could be eligible for a GST credit, which can amount to roughly $80/month. If you reside in Québec, you may also be eligible for the solidarity tax credit. But you must file to be eligible!

When are personal income tax returns due?

Income taxes are calculated based on a calendar year. The deadline for submission is April 30 of the following year for personal tax returns. We strongly advise our clients to have their tax returns prepared well in advance of the relative date. Late filing may incur interest charges on any taxes owing.

Can I file taxes for previous years that I was in Canada? 

Yes, you can file taxes for previous years provided you have copies of the applicable information slips and documents for those years.

Do I need to declare money I receive from my parents?

No.

Do I need to declare money I receive through scholarships and bursaries?

Yes, for tax purposes, these are considered income and must be declared. They are generally not taxable, but you must report them regardless.