Slaying your taxes
Author: UNB Alumni
Posted on Mar 19, 2021
Category: Young Alumni , Insights
Filing your taxes can be overwhelming, particularly when if you're not sure whether you have to file or what you can claim. UNB alumna Anne Jewett (BBA’76) addressed some of the top tax questions during our March UNB Talks Online: Personal Interest webinar session for students and young alumni. A former partner at Deloitte with more than 32 years’ experience working in public accounting, Anne shares tips for filling out your income tax returns, information on contribution limits and non-taxable income, and how to claim any COVID-related payments.
How do you know if you have to file?
- You had to pay tax during the year
- The Canada Revenue Agency (CRA) sent you a request to file
- You have withdrawn amounts under Lifelong Learning Plan or the Home Buyer Plan that have not been repaid
- You have to repay any of your Employment Insurance (EI) benefits
What are the benefits to filing?
- You can claim a refund
- Apply for GST/HST credits and related provincial credits
- Apply for a Canada Student Loan
- Eligible for Canada Child Benefit
- Transfer amounts and credits to/from another person
- Acculuate Registered Retirement Savings Plan (RRSP) room
- Claim Working Income Tax Benefit (WITB)
What items are non-taxable income?
- GST/HST credit payments
- Investment income from a Tax Free Savings Account
- Strike pay
- Canada Child Benefit
- Most gifts and inheritances
- Most scholarships and bursaries
- Most lottery winnings
Watch the full webinar recording, led by Anne, to help you feel better prepared when filing your taxes.