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Even students should file a tax return

(NC) Even students who didn't earn enough money to necessitate paying income tax should still consider filing an income tax return. Why? Due to the fact that 18 per cent of earned income from the previous year is eligible to be contributed to an RRSP; plus students don't have to deduct an RRSP contribution in the year in which it was made. Instead, they can carry it forward for deduction in a future period when they have sufficient income with which to offset the RRSP contribution.

When in question, it's wise to consult a professional certified general accountant or tax season resources such as the Personal Tax Planning Guide published by CGA Ontario at

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Attention editors: This article is for distribution in Ontario only.

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