Filing taxes can be an overwhelming and confusing task. This is why more than three in four Canadian students admit to not filing, according to the Canadian Students and Taxes 2014 report released by H&R Block.
Somewhere along the line, the education system has failed them by not teaching a primer course in personal finance according to 63 per cent of those polled. Despite this, Jordon Boss, a fourth-year business student said he still believes “students are lazy and wouldn’t want to learn about it anyways.”
Many pass off their tax slips to parents or professionals because they’re unsure of what return they can claim.
“I don’t think I’d know how to file them myself,” said Jade Berton, a fourth-year student. “My parents do it for me so I’ve never had to learn.”
With textbooks, tuition, transit, loans and moving expenses, students can catch a break by documenting and claiming their expenses.
Despite the lack of knowledge, the annual H&R Block report shows that the majority of students wish they knew more about taxes to take advantage of credits. Over 50 per cent also said they would use this knowledge to store up the money in savings.
For students looking to prepare for tax-filing season, Caroline Battista, a tax analyst at H&R Block Canada, said organization is key. For a hassle-free tax filing, she suggested students create folders to file medical slips, track gratuities (if working in the service industry) and keep transit passes.