Tax season is just around the corner, but an H&R Block survey found students aren’t confident enough with tax forms to receive the tax credit they deserve.
A T2202 slip is the education and textbooks certificate, which grants students the ability to claim tax credit for these items.
“That’s the form that determines how much of a credit they get for tuition, as well as for books and education. It’s not a matter of keeping book receipts anymore,” says H&R Block’s tax analyst Caroline Battista.
Battista says one of the biggest challenges students face is finding their T2202 slip.
“What many people struggle with is simply being organized,” Battista said.
She also suggested keeping a file folder every year for receipts of things that are eligible for a tax credit.
The survey showed 80 per cent of Canadian students feel they don’t have the proper knowledge to get what they fully deserve in their tax returns, while 85 to 88 per cent feel they lack basic knowledge of taxes and wish they knew more.
Although H&R Block offers a free online filing form for students, health sciences student Ming Li thinks it’s better to pay someone else to do it.
“Even if you use it online, it’s kind of a hassle,” he said.
H&R Block has a helpful list that shows what students are able to claim for tax credit and some students were surprised about what that list included.
Li and general sciences student Joana Palma, for example, were surprised that moving 40 kilometers away for a summer job can pay off in tax returns. Tax credit for moving expenses, transportation and accommodation for up to 15 days is available to students who take a job in a different province.
T2202 forms are available on the myLangara website in the student records section.
18 and under
If you’re under the age of 19, you’re still encouraged to file a tax return for 2013 if your 19th birthday is before April 1, 2015, and even if you had no income for 2013, you are still eligible for a GST/HST credit for the first payment period following your birthday.
The Langara Students’ Union Accountant charges $25 per tax year for filing tax returns and you can go to the LSU between March and April of each year to file.