by: Vee Babbar, SFU Student
Editor’s note: Vee Babbar, who wrote this article, is a member of the SFU Accounting Student Association.
Filing taxes is essential for university students in Canada, regardless of their income level. It gives you access to government benefits and credits, carries forward unused credits, lets you avoid penalties, and builds RRSP (Registered Retirement Savings Plan) contribution room. By filing taxes, students can make the most of their available financial resources and plan for their futures.
If you’re feeling overwhelmed by a new tax burden and you’re already swamped with assignments and exams, the SFU Accounting Student Association (SFU ASA) and the Canada Revenue Agency (CRA) can provide some relief. The Community Volunteer Income Tax Program (CVITP) is a joint initiative between the ASA and CRA that offers free tax-filing clinics for students and low-income individuals. This tax program is held annually to provide students with the assistance they need. The deadline to participate is March 25th.
The SFU ASA is a student-led association that supports students through networking events, job and volunteer opportunities, case competitions, and workshops. The association’s motto is to “Aspire,” “Share,” and “Achieve.” SFU ASA offers opportunities for students to develop practical skills and learn more about accounting.
The suggested maximum income levels for eligibility are:
- Up to $35,000 for individuals (plus $2,500 for each additional dependent)
- Up to $45,000 for couples (plus $2,500 for each dependent)
Eligible taxpayers include Indigenous people, low-income individuals and social assistance recipients, students, and seniors.
However, volunteers cannot prepare tax returns for the following:
- Those with employment expenses, business, or rental income/expenses.
- Those who are self-employed (own a business).
- Legal representatives submitting tax returns of a deceased person.
- Those who have returns that claim capital gains or losses. This can be defined as selling any property, like stocks, bonds, land, and equipment used in a business, for more (gains) or less (losses) than its adjusted cost base.
- Those with major investments like RRSP, stocks, mutual funds, or Registered Education Savings Plans (RESP).
- Those with investments outside of Canada.
- Those who filed for bankruptcy.
Emily Le, the Director of Marketing at ASA said there are over 80 volunteers working with the CRA and ASA to process roughly ten returns each. The team filed over 800 returns last year for over a thousand members of the SFU community.
Being a tax volunteer myself, I went through a training package for volunteers and assistance networks in the program. The CRA provided training videos to volunteers, with the option of contacting a professional to receive additional assistance when needed. Not to mention there’s an option to specify your volunteer preference for your tax filing.
According to Selena Situ, a volunteer from last year’s CVITP program, “Participating in the CVITP was one of the most rewarding experiences I have had in post-secondary. I gained personal tax training from the CRA while having the chance to help low-income individuals and families.” Lily Li is another former volunteer who can vouch for anyone needing tax assistance this season. “The ASA tax team created a supportive environment which kept all volunteers on track with their deliverables.” They’re committed to providing the best service possible, thanks to the extensive CRA training volunteers receive.
So why struggle with complicated tax software or pay high accountant fees when you can rely on the ASA to file your taxes for free?
Don’t miss out on this opportunity to get the tax assistance you need. Sign up here.
Or check out the link in the bio on the SFU ASA’s Instagram page, @sfuasa
For any questions regarding the application, reach out to the Project Managers for SFU ASA at [email protected]
