It’s time for tax season, are you ready?

Mar 4, 2016 | News

(Flikr)

(Flikr)

Greg Chow

Income Tax season is again approaching and a lot  of college students are still throwing their T4’s in the direction of their parents’ brokers. Even in a world with so much technological assistance and accessibility at a high,  some students are still in the dark about finding help with their taxes.

Humber has accounting centres at both their North and Lakeshore campuses that offer assistance to students who don’t know how to file their taxes.

“If you take it back to high school, they didn’t teach you any of that stuff, they skipped over a lot of the fundamentals which include filing for income tax,” says Electrical Engineering student, Daniel McGimy.

H&R Block released a 6-step guideline  for Canadians narrowing in on post-secondary school goers. Find the full link here.

 

  1. Report your income– Once you’re 19, retrieve assistance
  2. You can’t file electronically the first time– you’re going to have to mail in the first time. After that you’re set.
  3. Get organized and keep your receipts- Things like charitable donations, metro passes and medical expenses might be eligible to be deducted
  4. Do a little homework- Make sure to read up on everything you can deduct. For example, employment and moving expenses can only be deducted under certain circumstances.
  5. Look to the future- Start looking towards starting an RRSP. Report income and start building contribution room young. You’ll be able to make larger deposits later on and pay less tax.
  6. School expenses- The most important step for post-secondary students. You may be able to claim tuition fees on textbooks and interest on student loans.

 

Motivation may be the hardest thing to overcome for students.

If they have classes in the afternoon or on the weekend, I’d definately join,” says Ricky Ramlighman, a Computer Engineering student at Humber.

Asking Daniel and Ricky if they knew Humber offered help, the simple response from both was “No.”

Farishta Kamgar, a Humber Accounting Lab tech says there is a variety of options for Humber students regarding tax help.

“We have textbook solutions that students can check after they finish their work. We also have a computer center which is free to use ad is a simple log in system where you have access to computers with the accounting software taught at Humber, tax software and bookkeeping software.”

In addition to the Accounting Centre, Humber offers peer tutors at various costs depending on time spent, which are available by contacting the  Business school via email or phone.