Tax season: a journey through numbers and new beginnings

Resources for understanding and getting your taxes done
It’s that time of the year again! The holiday lights have been packed away and a new year has kicked off. When people embrace the new year that is about to unfold and look at what 2025 holds for them, one thing is inescapable: tax season. For many, taxes are just something to tick off on their to-do list, but for many others it is their first time filing taxes.
Taxes are more than just a chore – they are a true reflection of how society works together to fund essential services and infrastructure. When one files taxes, they are not just contributing their share but also claiming rights to the benefits and opportunities that can help them thrive. It’s a simple give-and-take system that is intended to ensure fairness and support for everyone involved.
Filing taxes can be intimidating, especially if you have never filed a return before, but with the right resources and guidance, it is easy to navigate that process and overcome that intimidation. These resources include information about dates and the know-how of using the right software to be able to file taxes.
There is some preparation involved before beginning the process of filing taxes. This includes ensuring that they set up their MyCRA account on the online platform for the Canada Revenue Agency (CRA) to keep track of all the important payments that are related to employment, rebates, tax refunds, etc.
Following this setup, it is essential to gather all T4 slips if one is working during their studies. This form outlines their income and deductions. Being a student, one receives the T2202 slip that outlines their tuition fees and the deductions around that payment. Gathering all other miscellaneous receipts like those from making donations is beneficial for displaying any other deductions that could lower their taxable income. Most importantly, they should have their Social Insurance Number (SIN) and the right details for their direct deposit ready to ensure they receive their tax refund, if applicable. These documents must be gathered and kept as future records in case of an audit or review.
The deadline to file taxes is April 30, 2025 and if you are self-employed, the date to file is June 15. As a student, it is presumed that there is less likelihood of owing any taxes to the government. Hence, there are no penalties for filing late. However, filing on time is still important to ensure one receives benefits like the GST/HST credit, provincial benefits, or student-related tax refunds (such as unused tuition credits).
For first timers filing taxes in Regina, there are a lot of resources that provide free tax assistance for students to take full advantage of. Regina Public Library (RPL) hosts free income tax clinics for individuals with simple tax situations and modest incomes. In the past, they have worked in partnership with SaskTel Pioneers.
According to their website, the RPL is hosting a few drop-in tax clinic for eligible individuals to seek help. Resources on campus include the University of Regina Students’ Union (URSU), who also offer free tax clinics for students to get assistance right where they attend school. Last year, URSU oversaw a partnership between The Canadian Federation of Students and UFile to offer all students free online tax filing. There was a special code released so that tax season could become stress-free and cost-free for students.
There are also federal resources like the Community Volunteer Income Tax Program which hosts free tax clinics where volunteers complete tax returns for people with simple tax solutions.
The 519 has free virtual clinic for 2SLGBTQ+ communities and have filed over 1,400 returns successfully. Free online software that students typically use include Wealthsimple, TurboTax, and UFile. They are intuitive software that auto populate information if one already has an account with them, otherwise manual entry and thorough checking is crucial to ensure accurate information is provided to the CRA.
Students often make the assumption that since they do not have employment, it wouldn’t make sense for them to file taxes, but filing taxes gives them access to federal and provincial benefits easily and establishes their eligibility for future programs like student loan interest deductions.
Tax season is a pivotal time of the year that is not just about meeting deadlines but gives students a chance to understand their financial situation and set themselves up for a strong financial future. It might feel overwhelming, but it is crucial to be able to manage money effectively. Procrastination can be tempting, but meeting this deadline can prevent people from missing out on refunds and credits that might be easily available. This experience also gives students an understanding of how the tax system impacts their daily life, bringing out in them a new social sense that will help them to become better citizens of their country. Once submitted, one might feel a sense of accomplishment knowing that they took full control of their finances and secured their benefits for the year. Having some understanding of finances improves one’s financial literacy, and while filing taxes might be a yearly responsibility, but it’s also an opportunity to grow, learn, and plan for the future. It is important to celebrate these milestones – no matter how small – and know that each tax season brings one closer to mastering their financial journey.