OTTAWA, ON, Sept. 5, 2023 /CNW/ - As the new academic year approaches, helping your child understand taxes can set them up for success. There are many resources to enhance your child's journey through the tax system, and we are here to help.
Tax literacy is an important life skill
- Get your child ready for the new school year with more than just school supplies. Introduce them to the Learn about your taxes tool, an interactive, self-guided online resource to help young people better understand their pay stub, benefits and credits, and more. By encouraging your child to explore this tool, they can get familiar with their tax obligations through self-guided lessons and quizzes. We have also created videos that help explain tax basics like important documents, how to file a tax return, and filling out a TD1 form.
- Follow us on Instagram @canrevagency and check out our factsheet for students for everything young people need to know about benefits and credits.
- We also have free webinars for students, international students, and more! Check out Upcoming events to see what we have planned. Missed a webinar? Not to worry, webinar recordings are saved there, too.
Apply for benefits and credits
Don't forget to take advantage of the various benefits and credits that could help alleviate the financial strain that may come with education and school supplies.
There are many benefits and credits programs available to help such as the Canada child benefit, the goods and services tax/harmonized sales tax (GST/HST) credit, and the Canada workers benefit.
Education-related credits and deductions
- Save for your child's education by contributing to a registered education savings plan (RESP). RESPs provide a tax-sheltered investment program that is intended for growth. The government also contributes to your plan with Canada Education Savings Grant payments. Withdrawal limits have been increased as of March 28, 2023. The new limits include an increase from $5,000 to $8,000 in the first 13 weeks of enrollment in a qualifying educational program (full-time studies), and from $2,500 to $4,000 in any 13-week period while enrolled in a specified educational program (part-time studies).
- If you pay for childcare so that you can go to work or school, you may be able to claim your childcare expenses on your tax return. To find out more about the deductions, credits, and expenses you can claim to reduce the amount of tax you pay, visit: All deductions, credits, and expenses - Personal income tax - Canada.ca
Contacts
Media Relations
Canada Revenue Agency
613-948-8366
[email protected]
Stay connected
- Follow the CRA on Facebook
- Follow the CRA on Twitter – @CanRevAgency
- Follow the CRA on LinkedIn
- Follow the CRA on Instagram
- Subscribe to a CRA electronic mailing list
- Add our RSS feeds to your feed reader
- You can also watch our tax-related videos on YouTube
SOURCE Canada Revenue Agency
Share this article