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A Step-by-Step Guide for Filing Tax Return

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  • TA的每日心情
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    5 天前
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    [LV.2]偶尔看看I

    发表于 2016-3-21 20:41:50 |显示全部楼层 | 阅读模式
    By synthesizing information from Canada Revenue Agency, University of Waterloo Website,
    and Online resources, I finished "A Step-by-Step Guide for Filing Tax Return",
    which may be found helpful to you for filing tax return.

                                        A Step-by-Step Guide for Filing Tax Return

    Write at the beginning


    To file a tax return is easier than you think. Download a tax software and have a try!

    Who needs to file tax return?

            * “You become a resident of Canada for income tax purposes when you establish
               significant residential ties in Canada. You usually establish these ties on the
               date you arrive in Canada.”
                – From Canada Revenue Agency for “Guide for Newcomers to Canada”
                 (http://www.cra-arc.gc.ca/E/pub/tg/t4055/t4055-15e.pdf).

            * Therefore, anyone who arrived Canada and established significant residential
              ties, such as having a Canadian bank account, needs to do tax return,
              especially if you have income or if you want to get benefits that you can claim,
              such as GST/HST refund, rent compensation, tuition credit.

            * Students who are older than 18 but under 19 before April of the current year
              are not eligible for GST/GST refund. However, you still need to do tax return
              to claim rent compensation and tuition credit.
              – From Canada Revenue Agency for “Guide for Students in Canada”
              (http://www.cra-arc.gc.ca/E/pub/tg/p105/p105-15e.pdf).

    Why file tax return?

            * Record non-refundable tax credit, such as tuition fee and charitable donation.
              These can be carried forward for paying tax when you get a job and have income.

            * Get GST/HST refund. Canada return some GST/HST tax for low income
               individuals and families. International students generally have zero income.

            * Get benefits for the rent you paid. Canada has a rent compensation for low
               income individuals and families. However, for students living in a designated
               Ontario university, college, or private school residence, only qualify for $25.

            * To get the benefits and credits, you have to file your tax return on time
               every year. If you haven't done this before, do it now and you can apply
               tax return for previous years (10 years at most).

    Notice:

            * If you have business income such as investment, you may consider consult
               professionals for tax return and credit. If you have children, please read the
               “Child and family benefits” section carefully and fill corresponding items
               in the tax software.

            * CRA official guide: http://www.cra-arc.gc.ca/gncy/t1gtrdy/menu-eng.html
            * Child and family benefits: http://www.cra-arc.gc.ca/bnfts/menu-eng.html         
            * UW Tax Receipts: https://uwaterloo.ca/finance/student-accounts/tax-receipts
            * UW Tax Clinic (free service for tax return): http://www.uwafsa.ca/taxclinic/

    How to file tax return? Just follow this step-by-step guide!

    Step 1: Document Preparation

            * Social Insurance Number (SIN). If you do not have a SIN currently,
               apply a SIN from Service Canada as soon as possible.
               http://www.servicecanada.gc.ca/eng/sin/apply/how.shtml

            * T2202 tuition slip for tuition fee credit. Download from university.
               Quest -> Finances -> Tax Receipts -> Print (don’t choose View)
               (if no response when clicking Print, check web browser's blockers!)

            * T4 slip for employment income, such as co-op, TA, and other jobs.  
               For co-op and company employment, get T4 from your employer.
               For TA and university employment, get T4 from university.
               MyHRInfo -> Main Menu -> Self Service -> Payroll and Compensation
               -> View T4/T4A slips

            * T4A slip for scholarships, fellowship, and award income.
               MyHRInfo -> Main Menu -> Self Service -> Payroll and Compensation
               -> View T4/T4A slips

            * GST/HST credit: You no longer have to apply for the GST/HST credit
               when you apply for tax return. The Canada Revenue Agency (CRA)
               will automatically determine your eligibility.  If you just arrived Canada
               and do not want to do tax return but also want to get this benefit,
               fill RC151 (http://www.cra-arc.gc.ca/E/pbg/gf/rc151/README.html)
               and mail to CRA.

            * Rent receipts. For EACH place you lived, provide house address,
              postal code, renting months, the amount of money, name of landlord
              or company that owned it, or the person you subletted from.
              Rent receipts help you file the tax return but do NOT sent them to CRA;  
              It's very important to keep them for future examination from CRA, see
              http://www.cra-arc.gc.ca/bnfts/vldtn/menu-eng.html.

            * Donation receipts (e.g. Endowment Fund).
               Quest -> Finances -> Tax Receipts -> Scroll down all the way -> Print
                Bank direct deposit information including branch and account number.

            * Notice of Assessment (if NOT filing for the first time).      

            * Transit Pass Receipt, Medical Expense and Moving Expenses.
               These items are generally useless for international students
               since we don't have any income.

    Step 2: File Tax Return Using Tax Software

            * Download a certified software from CRA
              ( http://www.cra-arc.gc.ca/esrvc-s ... sftwr/menu-eng.html ).
              The popular one is the StudioTax in the “Desktop products” list.

            * If the current year is N, you file tax return for the year N-1
               (or before if you need).

            * Go through steps in the software, fill tax forms by using documents
              prepared in the Step 1.
            
            * When you fill items into the tax software, read the information shown in
               the software carefully from the top to the bottom.

            * Note that the rent credit (Ontario energy and property tax credit, OEPTC)
              is claimed in the ON-BEN slip on line 6118, line 6110, and Part B. If you lived
              in a student residence of school, check line 6114.

            * You can also apply tax return for previous years (10 years at most).
          
            * Click Save, then click Print to generate the tax return file (called T1)
               in PDF format. Check carefully for each category in Step 1, especially,
               check the following items in the generated T1 file at “T1-KFS” page:
               Item 150  Your Income (blank if no income)
          
        Schedule 11  320   Federal Tuition Fee   322  Federal Education and Textbook
               Schedule (S11) 5914 Provincial Tuition Fee   5918  Provincial Education and Textbook
               OnBen 6110  Rent you paid.


    Step 3:  Send Tax Return Files to CRA

            * If this is your first time for tax return and credit, then you must PRINT
              the generated T1 file, FILL bank deposit information, SIGN the file, and
              MAIL the file TOGETHER with slips and receipts (except rent receipts)
              prepared in Step 1 to CRA. Envelops are available at post offices.
              CRA  Address for Tax Return from Kitchener/Waterloo Region
              ( http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/ntl-eng.html )
                                Canada Revenue Agency
                                Tax Centre
                                105 - 275 Pope Road
                                Summerside PE C1N 6E8

            * If you have applied tax return before, then you can directly sent the T1 form to CRA
              online using the certified software. It needs to use the Netfile access code that CRA
              gives to you when you sent files via Internet.  You can also register My Account
              ( http://www.cra-arc.gc.ca/esrvc-s ... yccnt/menu-eng.html )
              on CRA for auto-filling and tracking your tax return information.

    Step 4: Wait for your money.


    补充内容 (2017-3-7 10:45):
    Due to the original post cannot be modified, an updated version is uploaded to the Google Drive:

    https://drive.google.com/drive/folders/0B6oRr9KfLv37cVFjYmFLSXFOSms?usp=sharing

    补充内容 (2017-4-2 19:28):
    For each tax slip such as T4/T4A and T2202, filing  instructions are available beside the download link of each slip (in PDF forms). Please read the instruction PDF to know how to file each tax slip.
  • TA的每日心情
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    2016-9-20 00:53
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    [LV.7]常住居民III

    发表于 2016-3-22 04:35:06 |显示全部楼层
    MARK
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    发表于 2016-3-23 14:34:27 |显示全部楼层
    MARK thanks!
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    发表于 2016-3-23 22:38:11 |显示全部楼层
    Question regards to medical expenses.
    As some of us do have co-op, in this case we do have income.
    Then could we claim the insurance premium(UHIP) & "Feds Health&Dental" premium as medical expenses?
    Or they have already been included in the tuition
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    [LV.2]偶尔看看I

    发表于 2016-3-24 13:42:29 |显示全部楼层
    K。 发表于 2016-3-23 22:38
    Question regards to medical expenses.
    As some of us do have co-op, in this case we do have income.
    T ...

    Hi, medical expenses are not included in Tuition fees, see
    “Guide for Students in Canada”
    (http://www.cra-arc.gc.ca/E/pub/tg/p105/p105-15e.pdf).

    Page 11:

    "Eligible tuition fees do not include the following amounts:
    - ...
    - Medical Expenses
    - ..."

    To check the amount of money for health plan, please go to
    the GSA fee website of UW:

    https://uwaterloo.ca/graduate-st ... ices/gsa-fees-chart
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    [LV.2]偶尔看看I

    发表于 2016-4-23 21:35:15 |显示全部楼层
    Push up
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    [LV.2]偶尔看看I

    发表于 2017-3-7 10:49:22 |显示全部楼层
    Due to the original post cannot be modified, an updated version is uploaded to the Google Drive:

    https://drive.google.com/drive/f ... SXFOSms?usp=sharing
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    [LV.2]偶尔看看I

    发表于 2017-3-7 10:59:12 |显示全部楼层
    Due to the original post cannot be modified, an updated version is uploaded to the Google Drive. This new version explains the contents of tax return more clearly. Please check the "补充内容 " section.
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    2017-6-30 14:26
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    [LV.2]偶尔看看I

    发表于 2017-3-24 02:45:54 来自手机 |显示全部楼层
    Thx a lot. What will the consequences be if I mailed my rent receipts to them? It was the first time that I was doing my tax return. I also forgot to put my bank information into the envelope:(, so could you please tell me how will I get my money?
    来自: 手机APP客户端
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    [LV.2]偶尔看看I

    发表于 2017-3-28 16:34:10 |显示全部楼层
    popusa 发表于 2017-3-24 02:45
    Thx a lot. What will the consequences be if I mailed my rent receipts to them? It was the first time ...

    Hello,

    1) It's not a problem if you mailed your rent receipts to CRA, unless  one day the CRA re-examines you case and asks for providing supporting documents. If it happens in the future (most likely it won't happen), you just need to get the a proof for the rent you paid such as bank transfer information.

    2) Did you send the RC151 (the so called "Luo Di Shui" in our Chinese community) to CRA in the past? If you have done the RC151 and used your bank account for Direct Deposit, then the CRA already has your bank information and  CRA may deposit your tax refund to that account. If you haven't done  the RC151 since you came to Canada, then you should fill the RC151 and mail it to CRA. Otherwise, you will not get your tax refund since the CRA must use the RC151 to determine the date of your first arrival in Canada. If the RC151 is completed, even if you never provided your bank information to CRA before, don't worry about it. The CRA will send you a cheque for your tax refund.

    So, the conclusion is
    1) Make sure you have done the RC151.
    2) Wait for the Notice of Assessment from CRA, which will tell you the detailed information about your filed tax return. Once received that notice, register MyAccount on CRA official website, and provide your bank information in your MyAccount.
    3) For your next tax return, file online and send files online using the tax software. The CRA will deposit your refund to the bank account your provided in your MyAccount.

    Cheers
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    [LV.2]偶尔看看I

    发表于 2017-4-2 19:22:07 |显示全部楼层
    When downloading T4/T4A and T2202 slips, the instructions of filling those slips are available beside the download link of each slip (also in PDF forms).
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    [LV.2]偶尔看看I

    发表于 2018-2-8 10:19:27 |显示全部楼层
    push up
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    [LV.2]偶尔看看I

    发表于 2018-2-9 15:11:40 |显示全部楼层
    Quest上显示今年的学费报税单要二月中旬后才发出,大家到时记得查看Google Drive上的报税流程进行报税。

    https://drive.google.com/drive/f ... SXFOSms?usp=sharing
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