Canadian Tax Forms EXPLAINED! (Less stress and better returns!)

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It’s Tax season in Canada again! Today’s video is part 2 of 4 for reducing income taxes in Canada! I’ll be covering Canadian tax froms like the T4 tax slip, T5 tax slip, T2202a tax slip (tuition tax credit in Canada), osap interest tax credits and many other ways that you can get tax deductions and tax credits! This should help you tax filing made easy. Feel free to check out my list of Canadian tax documents just below!

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Resources mentioned –

T4 slip – https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/tax-slips/understand-your-tax-slips/t4-slips/t4-statement-remuneration-paid.html
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T5 Slip – https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/completing-slips-summaries/financial-slips-summaries/return-investment-income-t5/t5-slip/completing-t5-slip/detailed-instructions.html
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Credit vs Deductions – https://blog.turbotax.intuit.com/tax-deductions-and-credits-2/whats-the-difference-between-a-tax-credit-and-a-tax-deduction-7838/
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T2202a – https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2202a.html
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Student Transit – https://turbotax.intuit.ca/tips/tax-tip-public-transit-amount-for-students-5611
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Moving Expenses – https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-219-moving-expenses.html
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OSAP Interest – https://turbotax.intuit.ca/tips/claiming-student-loan-interest-on-your-tax-return-5588
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Medical Expenses – https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-330-331-eligible-medical-expenses-you-claim-on-your-tax-return.html
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Charity Tax Credit – https://www.canada.ca/en/revenue-agency/services/charities-giving/giving-charity-information-donors/claiming-charitable-tax-credits/calculate-charitable-tax-credits.html

ALSO this calculator – https://www.canada.ca/en/revenue-agency/services/charities-giving/giving-charity-information-donors/claiming-charitable-tax-credits/charitable-donation-tax-credit-rates.html
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Ontario Rent and Hydro Tax Credit – https://www.canada.ca/en/revenue-agency/services/child-family-benefits/provincial-territorial-programs/ontario-energy-property-tax-credit-questions-answers.html#q2

Must qualify for Trillium benefits. App form here – https://www.canada.ca/en/revenue-agency/services/forms-publications/tax-packages-years/general-income-tax-benefit-package/ontario/5006-tg.html
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RRSP Deductions – https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-208-rrsp-prpp-deduction.html
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Tax Credits and Deductions by Province -https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/provincial-territorial-tax-credits-individuals.html

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Comments

Sail Financial says:

What emoji shows how you feel about taxes? I'd go with a 😎

MissRawlicious says:

What form would be required if you reside in Canada, but your school is done online and is in the US? I have tried 2 different places and they do not know what form to submit with my tuition receipts. Form T2202A form only applies to schools located in Canada. When I contact the school, they said to contact an accountant in Canada, as they only issue 1098 forms to U.S. residents.

Katarina H. says:

This is super helpful!!!

Lama Jigme Gyatso: the Rational Contemplative says:

Austin your videos are such a treat

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