CRA could give out $2 billion in tax refunds to post-secondary students this year
If you don't file your tax return, you'll miss out on money!
Canadian money.
The Canada Revenue Agency (CRA) could give out $2 billion in tax refunds to post-secondary students in 2025.
So, here's what you need to know about filing taxes in Canada if you want to save money and get money back from the government.
H&R Block Canada told Narcity that doing your taxes if you paid tuition, received a scholarship, worked part-time, or didn't earn money at all can "unlock valuable credits and deductions."
Last year, around 85% of students received tax refunds, according to H&R Block.
The average payment was $1,550!
H&R Block said that most post-secondary students in Canada will get a refund this year.
There are almost two million Canadian students enrolled in post-secondary school in Canada, which works out to around $2 billion in student refunds this tax season.
Filing your taxes can help you save money and get money back from the government through tax credits, federal benefits, and tax refunds.
According to H&R Block, these are the key tax credits available for students:
- tuition tax credit — claim provincial or territorial tuition, education and textbook fees to reduce the taxes you owe
- student loan interest tax credit — claim the interest you paid on your student loan to reduce the taxes you owe
- moving expenses deduction — claim moving expenses you paid if you moved to be a full-time student and your new home is 40 kilometres closer to your school
- disability tax credit — apply for and claim the credit to reduce the amount of income tax you pay if you have a disability
If you don't file your tax return this year, you can miss out on government payments like the GST/HST credit and the final Canada Carbon Rebate payment.
You can get up to $519 a year from the GST/HST credit if you're single with no children.
The final Canada Carbon Rebate payment is between $95 and $225 if you're single with no children in Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, P.E.I. or Saskatchewan.
The tax filing deadline in Canada is April 30, 2025.
If you file your return after that date, you could be charged a late-filing penalty. Also, your benefit payments could be delayed.
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This article's cover image was used for illustrative purposes only.