How year-round online support can help you to optimize your tax returns
All,
Simplify your tax return process with the help of Raymond Chabot Grant Thornton’s team of experts
As a student, you have to navigate your tax obligations related to loans and bursaries, tax credits and income from part-time employment and summer jobs.
Figuring out which documents you need and which tax rules apply to you can be a complex process. However, you can rest assured that our experts will guide you and optimize your tax returns.
Which services does IMPŌ offer?
Filing your first income tax returns can seem overwhelming. However, IMPŌ offers you a user-friendly online platform and the support of experienced tax specialists. As a result, you can save time and maximize your tax returns.
IMPŌ OFFERS YOU:
- Advice so you can ensure you have all the documents required to maximize your tax return;
- A user-friendly and intuitive online platform;
- Complete and personalized management of your file to make your life easier;
- A multidisciplinary team that understands your reality and keeps track of tax developments that apply to students;
- Specialists who do much more than simply processing your online form and ensure that you maximize your tax deductions.
Do you have any questions?
We’ve got answers!
What services does IMPŌ offer?
IMPŌ offers an online income tax return preparation service for individuals. The service was launched by Raymond Chabot Grant Thornton, the accounting firm most admired by Quebecers, according to a Léger poll.
How do the tax authorities define a student?
The tax authorities generally define a student as an individual who is enrolled in a part-time or full-time post-secondary program in a recognized establishment.
If my income is low, do I still have to report it?
There are benefits to filing an income tax return, regardless of how much you have earned. You can benefit from certain credits and carry them forward or transfer them to a related person. For example, you could be eligible for the following credits: the GST credit, the solidarity tax credit, the student loan interest tax credit and the tuition tax credit. You may also be able to deduct your moving expenses. You could also claim a reimbursement of overpayment of source deductions by your employer.
We’re here for you and we can answer any questions you may have.
If I didn’t earn any income, do I still have to file an income tax return?
There are benefits to filing an income tax return even if you didn’t earn any income. You can benefit from certain credits and carry them forward or transfer them to a related person. For example, you could be eligible for the following credits: the GST credit, the solidarity tax credit, the student loan interest tax credit and the tuition tax credit. You may also be able to deduct your moving expenses.
We’re here for you and we can answer any questions you may have.
How do my scholarships impact my income tax returns and are they taxable?
Students must report the amount of the scholarships they received in their income tax return. However, scholarships are not taxable in Quebec.
On a federal level, post-secondary school scholarships, fellowships, and bursaries are not taxable if you received them for your enrolment in a program and you are considered a full-time qualifying student. Special tax treatment also applies to part-time students. Contact us for more information about these rules.
Which documents do I need to provide to file my income tax returns?
You must provide the following slips/receipts:
- Scholarship: A T4 slip will be issued by the government.
- Proof of registration in a study course: Documentation is generally available on the portal used by your educational institution. However, if this isn’t the case, you can contact their administrative department.
- Employment income from part-time employment and summer jobs: Your employer will send you a copy of your T4 / Relevé 1 forms before the last day of February of the year following the year covered by the slips.
- Investment income: Your financial institution will issue a T5 slip.
All other receipts related to income and credits including medical expenses, donations, interest paid on student loans.
Where can I access receipts for my tuition fees?
Tuition fees receipts are generally available on the portal used by your educational institution. However, if this isn’t the case, you can contact their administrative department.
Are the tax credits for full-time students the same as those for part-time students?
From a tax perspective, there are a few differences between full-time students and part-time students.
Feel free to contact us so we can help you to maximize your income tax returns.
If my parents pay my tuition fees, will this impact my income tax returns?
This depends on your total taxable income. One of your parents may benefit from a portion or all of the tax credit for tuition or examination fees. In order to transfer this credit to your parent, you must complete appendices for each of your tax returns.
We will ensure that credits are allocated correctly based on your eligibility.
DO YOU HAVE ANY QUESTIONS?