It’s that time of year again – time to file your income tax and benefit return for 2020.
The Ontario Ministry of Finance is sharing personal income tax resources with post-secondary institutions to help promote tax literacy among students and other first-time filers.
Most income tax and benefit returns for 2020 are due April 30, 2021. As students, you may be filing your return for the first time and might benefit from information about your tax responsibilities, how to apply for credits and benefits, and where to go for more information and help.
Tips for Tax Season
Follow these 3 tips from the Ontario Ministry of Finance this tax season.
Tip 1: File your taxes, even if you don’t owe tax or have any income to report
Your tax return is an application for tax credits and benefits and may help you qualify for income-based government programs.
Some of the tax credits and benefits you can apply for include the:
To apply for the Ontario Trillium Benefit, complete form ON-BEN – Application for the 2021 Ontario Trillium Benefit and Senior Homeowners’ Property Tax Grant. Make sure to check all the boxes that apply to your situation and declare any off-campus rent being paid by you or on your behalf.
When filing, don’t forget to keep documents that support your application, such as receipts for charitable donations and rent.
Tip 2: Report all your income
This includes your full and part-time income, as well as any side income.
Don’t forget about:
- self-generated income like selling services online
- rental income like Airbnb, and
- COVID-related income replacement benefits, like the Canada Emergency Response Benefit, Canada Recovery Benefit, and Canada Emergency Student Benefit (CERB)
Tip 3: Stay up to date
Tax credits and benefits change over time. It’s important to stay up to date so you don’t miss out.
Visit Ontario.ca/TaxReturn for more information about filing your personal income tax and benefit return.