Not many people know that the Canadian tax system offers unique opportunities for international students. Even if you do not have permanent residence in Canada, you may still be considered tax resident from within Canada for more than 6 months a year, and have socio-economic ties with the country. A detailed definition can be found on the website of the Tax Service of Canada.
All freshmen are invited to the open adaptation workshops before the beginning of study in the selected University. Surprisingly, our students learn a lot of new, interesting, and useful thing for their future.
The first discovery is the fact that even not having income, simply for filling out tax forms, the state pays $75 . For any student - it's not bad money for 30 minutes of wasted time.
Another finding is that "tax credit". Unlike the CIS countries, in Canada everyone has to declare their total income, which is taxed at a scale. The purpose of the tax credits to lower the tax base and reduce tax payable. In the case of students - the cost of the tuition, books and travel was a "tax credit." The University issues a special form, which just indicates the price you paid for the program, books and travel for the calendar year. Even with no income in the current year, these amounts can be summarized and used in the future. For all 4 years at the University, given income on various student activities, students are able to accumulate a significant amount.
After completing and submitting tax returns, in 2-3 weeks You not only get a check for $75CAD, but also a partial VAT refund of $250 CAD per year (according to statistics for previous years).
It is worth noting that for the first time all taxes should be sent in paper format, and in the future can be taken in electronic form through the state website, which greatly simplifies the entire procedure.
If you do the math, it turns out to return about 20% of the cost of education through "tax credits."
The essence of the system is that it provides an opportunity for young professionals to stand on his feet in no time with substantial financial benefits.