You’ve received your Canadian Student Visa and you are ready to settle in your dream country. Congratulations!

As an international student, one of the key things you need to understand about Canada is taxes, particularly student taxes.

Income tax in Canada is overseen by the Canada Revenue Agency (CRA). Each tax year runs from January to December, and you have until April 30 of the following year to file your personal income tax return. Although late submissions are accepted, there could be daily interest charges and penalties for late payment or default. Also, a non-compliant tax history can put any future visa application at risk of being flagged.

Subject to your student visa, you may be eligible to work on or off-campus as part-time during the school year. If you have a job in Canada, your employer is mandated to remit statutory deductions from your pay cheque to the CRA. Some of these statutory deductions include;

• Income tax
• Employment Insurance (EI).
• Canada Pension Plan (CPP)

There are numerous reasons why you should ensure your tax situation is up to date, and these include benefits you can claim. Some of these benefits you can claim when you file your taxes include;

• GST/HST credit
• Tuition and textbook credit
• Claim on interest paid on student loans
• Moving expenses deduction
• Childcare and other eligible expenses.

If you would like to claim a refund, get benefits and credit payments from the government, then you have to file your tax returns for the year even if you don’t have any income.

The good news is that at EMCA we can help you through the tax filing process, so you can get as much credits, deductions and refunds as you deserve. Our tax experts are ready to help you and they are just one click away.