My son had a bunch of friends from university over on the weekend. I asked the group: “Do you all have exams this week?” One of the young men announced that he had written his math exam already. “How did it go?” I asked. “I think my chance of passing is about 40-40″ he said. “If I had a dime for every math exam I’ve ever failed, I’d have $1.05 by now” he continued.
I then asked the group if they had filed their tax returns yet. Not one hand went up. So I embarrassed my son and spent a few minutes talking about tax tips for students. Let me share the key ideas.Really. File a tax return, for a couple of reasons. First, even if you didn’t have enough income in 2023 to be taxable, you’ll create RRSP contribution room if you had earned income. This will save you tax when you eventually contribute to an RRSP.
Tim Cestnick, FCPA, FCA, CPA, CFP, TEP, is an author, and co-founder and CEO of Our Family Office Inc. He can be reached at