Tax season is underway, and New College recently hosted Professor Joanne Magee to discuss the importance of filing a tax return each year whether one owes tax or not. Attendees learned that there are a number of tax rules that can help offset the cost of university as well as a number of social benefit programs delivered through the tax system, but those funds can only be accessed by filing tax returns.
Prof. Magee spoke not only about the reasons it’s necessary to file for a tax return, but also how to do it. Her presentation included information on provincial tax rates and their differences, non-refundable vs refundable tax credits, scholarship & tuition tax credits, and more.
Attendees also learned detailed step-by-step instructions on how to access their CRA accounts and ensure its properly connected to their personal bank accounts.
Taxes are due April 30th across Canada, and thanks to prof. Magee’s expertise, many New College students have had the opportunity to clarify the process.
For those that missed the event or would like a closer look at details shared in the presentation, Prof. Magee has made her slides available.
Joanne Magee has been a York University faculty member since 1991 and has supervised student volunteers in York University Tax Clinics since 1995. She is a Fellow of the Financial Planning Standards Council and CPA Ontario and a former Governor of the Canadian Tax Foundation. She currently serves on the Income Tax Education Committee of CPA Canada.