Income tax and benefit returns for the 2024 calendar year can be filed online starting on Feb. 24, according to the Canada Revenue Agency (CRA).
Both the T2202 and T4A — tax slips involved with filing personal income tax — will soon be available to students in Aurora, the university’s online student information system. The CRA states that most of the slips and receipts necessary for income tax filing will be available by the end of February.
The T2202 is issued to students to claim the tuition tax credit, which is generally available to those that have taken a course at an educational institution in Canada. The form only includes eligible tuition and education fees and will apply to qualifying fees paid in the previous calendar year.
The T4A slip reports income for different sources, including scholarship and bursary income students received while enrolled at the U of M. Students can expect this form if the total payments were more than $500 in the calendar year or if income tax was deducted from the payments.
Residents have up until April 30 to file and pay income taxes, or up to June 15 to file if you or your spouse or common-law partner are self-employed.
A late-filing penalty will be charged to individuals who file their income tax return after the due date and have a balance owing. The penalty is five per cent of the 2024 balance owing, plus an additional one per cent for each full month after the deadline for up to one year. The penalty can vary if the individual has been previously charged by the CRA with a late-filing penalty.
The CRA may also charge a penalty if an individual made a false statement or an omission on the 2024 income return, “knowingly or under circumstances of amounting to gross negligence.”
Last tax filing-season, more than 33 million income tax returns were received by the CRA which led to more than $52 billion in benefit payments being issued and over 19 million refunds — with an average amount of $2,294.
Federal income tax was originally initiated in 1917 to finance Canada’s efforts in the First World War and is used to collect funds to support government programs and services.
For more information about filing income tax, including free tax clinics that can provide assistance, visit canada.ca/en/services/taxes/income-tax.html
