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MoneySense magazine has some great tax advice:
If you’re heading off to university this fall — or you have a child who is — you may be surprised to discover that the taxman is your friend. “A lot of students don’t know about all of the tax credits and deductions available to them,” says Cleo Hamel, senior tax analyst for H&R Block Canada in Calgary. “Parents need to help.”
Here are a few tips every tax-smart student should know.
• File a tax return, even if you didn’t earn enough to pay income tax. That will guarantee you receive the $350 GST rebate. It will also guarantee that you get a refund of any taxes you may have paid through payroll deductions with your employer.