What’s in it for me? Filing Your Tax Return

What’s in it for me? Filing Your Tax Return


Hey, what’s in it for me? What’s up people? I’m Mark. And I’m here to point out
all the tax stuff out there that you can, and should,
take advantage of! Somebody once said nothing is
certain but death and taxes. Well death is really a drag,
but filing a tax return could put some much-needed
cash in your pocket. And let’s face it, we all
need money for rent, gas, movies, dates. If you’re in university
or college, for tuition, books, a laptop. And for foooood! “Food, glorious food. Hot
sausage and mustard!” … I digress. If you’ve never filed an income
tax and benefit return before… Don’t be scared. You might be asking yourself,
why should I file now? And, hey, what’s in it for me? Two words dude. Re and fund… Put them together and
you could get a refund! So how does it work? Well it all starts with
filing your return. Even if you didn’t make any
income in the past year, you need to file so that you can
get tax benefits and credits. First up, the good ol’ GST/HST. Depending on where you live,
that baby has different effects on the price of things
you buy every day. But, if you don’t make that
much income in the first place, you can apply for a GST/HST
credit to offset all, or part, of the GST/HST you pay. That’s like potentially
getting free money back on everything you buy! You know that could
really add up… To the tune of up to
$400 for the year! Did you know that if you move
40 kilometres closer to where you work, or go to school,
you might be able to deduct your moving expenses? Yeah. That’s not good. Now, if you’re going to
college or university, there are a whole bunch of tax
breaks out there you could potentially cash in on! Like, if you’re a full
or part-time student, you may be eligible
to claim tuition fees; as long as they were
more than $100 a year. And if you’re claiming
your higher education, you can also get
the textbook amount. That’s $65 per month, over
the school year, if you’re a full-timer. $20 per month for each
month you’re attending as a part-timer. And now if you have
student loans to repay… Then you’re all too familiar
with the dreaded interest that seems to grow like green toxic
mold on the cheese you forgot in the back of your fridge. Well, the good news is, you
may be able to claim most of that interest. And that’s a lot easier
to swallow, isn’t it? These are just some of the
tax benefits and credits out there that you could
potentially cash in on. There are more! To find out more about them
go to www.cra.gc.ca/youth. So file your taxes people! And, get your return in before
midnight on April 30th to avoid any hiccups on getting your
refund that much sooner. My precious!

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