Ease your tax troubles on campus
“Students typically get a refund of from $300 to $2500,” said Fanshawe's own taxman, Aaron Ogier, who will be on campus filing returns for students until March 30. “Even with no income, a student who lived at home and paid no rent will get a refund of $100. A student who paid rent of $300 a month and had no income will get a refund of over $400.”
These are big incentives for students who are usually strapped for cash at the end of an expensive school year.
Ogier graduated from Fanshawe in 2004 with a Business Accounting diploma, but has been preparing income tax returns for over 10 years. He now owns his own business, Tax Times, which specializes in tax returns.
He said filing income tax has other benefits like gaining GST credits and carrying forward the unused portion of your tuition and education amounts, which could lead to even more cash.
“Speaking of the student returns I have prepared in the past, every single one of them received refunds,” he said.
Ogier also warned that if students don't file they might lose their refund, GST entitlement or be charged interest penalties on taxes owed. If that owed interest accumulates over the years, Revenue Canada Agency can take the steps to enforce imprisonment.
Tax Times prepares their customers returns by e-file, which is faster and more efficient than the standard snail mail route.
Ogier said all students have to do is drop off their T4, which they get from their employer, and their T2202A, which is available through their FanshaweOnline account.
“It is also a good idea to have in mind their addresses throughout the tax year [and] how much rent they paid and who their landlord was.”
Ogier is also offering the service at the discounted rate to Fanshawe students. His company normally charges $55 for filing an income tax return, but most students will be paying $25 for a single return.
Monday, May 1 is the cut off date for income tax returns filed for 2005 and you can find Ogier in Forwell Hall every Tuesday and Thursday from 10 am until 2pm.
“With every student getting a refund, why would any student wait until the last possible date?” questioned Ogier. “This is your money.”