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It’s Tax Season in MSC
Filing tax returns is often regarded as something for grown up people with real income. Low income earners and students feel that they do not earn enough money and paying taxes will only make them poorer. However, there are several fringe benefits that come with filing tax returns including deductions, rebates and avoiding penalties:
- There are a number of deductions that a person filing taxes can claim from the government. Deductions can take the form of transit passes, moving expenses, medical expenses and tuition credits.
- The GST rebate is one of the benefits received from the payment of taxes. Middle and low income earners obtain these rebates each quarter. So long as a person is over the age of 19, it is possible to obtain these rebates. However, they can only be received when filing returns.
- The government can institute legal action for failure to file taxes as required by the law. The government can commence ways of obtaining money owed which, in the end, may prove detrimental. It can place a levy on property and attach monies in bank accounts.
“During the volunteer tax program at the U of C, I have witnessed the positive results of helping low income student and staff complete their returns. Often times they are confused as to what to do when they get their slips in the mail. This program is able to help ease the stress associated with the tax season, and helps them understand the procedure. On the volunteer side, it allows students to experience working with taxes. This is beneficial for both personal and professional life. Overall, I am proud to work with this program and see the results.”
- Alexis Michor, General Team Lead
The Volunteer Tax Program is now open and is located in the East Clubs Area (near Jugo Juice). Tax returns will be accepted until Apr. 3 and the clinic is open until Apr. 10 to process 2013 and 2014 income tax returns.
Inderjodh Soora is the Coordinator for the SU Volunteer Tax Program and runs an IT company. He likes to spend his time reading business journals and coding in Python, PHP & Java. You can check him out on LinkedIn @inderjodh
Jaskiran Toor is a fourth year Accounting Student. She is the Coordinator for the SU Volunteer Tax Program and enjoys volunteering at a hospital. In her free time Jaskiran enjoys watching Netflix. You can check her out on Twitter @jktoor and on Instagram @jassitoor