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Lauren Tam is an accountant, and she offers students two important tips:
Open a Tax Free Saving Account (TFSA)
A tax free savings account is a great way to save money that not enough students take advantage of. Investment income, including capital gains and dividends, earned in a TFSA is not taxed in most cases, even when withdrawn. This is a great way for students to save for something like a car, place to live, etc.
Make sure you claim everything you are eligible for
When filing your taxes for the year, make sure you claim everything you can including moving expenses, textbook purchases, tuition, childcare expenses and interest paid on student loans.
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Turning 65 can be a treat for taxpayers. As you retire, your expenses rise while your income falls. This is the time to enjoy your life’s savings instead of working for money. The Canada Revenue Agency (CRA) also wants you to enjoy this phase of life, and so it offers three tax breaks when you turn 65.
These three tax breaks include age amount tax credit, home accessibility tax credit (HATC), and pension income tax credit. All three tax credits are non-refundable. They will help you meet your rising expenses by reducing your tax bill.
The age amount income tax credit