Tax Tips for Students and Recent Graduates
Being a student or recent graduate in Ontario often means balancing part-time jobs, tuition fees, and living expenses—all while trying to build a future. But here’s something many students don’t realize: with the right tax strategies, you can save money, get refunds, and even carry forward credits for future use.
At Mak Tax & Accounting Services, we work with students and new graduates in Scarborough, Toronto, and the GTA to make sure they take advantage of every tax benefit available. Whether you’re filing your first tax return or figuring out how tuition credits work, we make the process simple, accurate, and stress-free.
This guide shares practical tax tips for students and recent graduates in Ontario, while showing how Mak Tax can help you maximize refunds and stay on track with your finances.
Why Students Should File Taxes Even with Low Income
One of the most common myths is that students don’t need to file taxes if they earn little or no income. The truth is, filing your return comes with big advantages:
You may qualify for the GST/HST credit (a quarterly payment from the government).
You start building RRSP contribution room for the future.
You can claim tuition and education credits, even if you don’t use them right away.
You stay eligible for Ontario benefits like the Ontario Trillium Benefit (OTB).
Mak Tax Advantage:
With our Personal Income Tax Filing Services, we help students file properly—even if they think it’s not necessary—so they don’t miss out on money or future benefits.
1. Claim Your Tuition Tax Credit
If you’re attending college or university in Ontario, your school will issue a T2202 Tuition and Enrolment Certificate. This slip allows you to claim tuition fees as a non-refundable tax credit.
If you can’t use all the credits this year, you can carry them forward to future years when your income is higher.
In some cases, you can transfer a portion of unused credits to a parent, grandparent, or spouse.
Mak Tax Service Tie-In:
Our team ensures tuition credits are claimed, carried forward, or transferred strategically for maximum benefit.
2. Don’t Forget the Textbook and Education Credits (When Applicable)
While some education-related credits have been phased out, students who have unused balances from past years can still claim them. Many forget these carry-forward amounts.
Mak Tax Advantage:
When we file your return, we check CRA records for any unused credits so nothing gets wasted.
3. Claim Moving Expenses If You Relocated for School or Work
If you moved more than 40 km closer to school or a new job, you may be eligible to deduct moving expenses, including transportation, storage, meals, and even temporary accommodation.
Mak Tax Service Tie-In:
Through our Tax Planning & Advisory Services, we guide students and graduates on which moving costs qualify and how to report them correctly.
4. Claim Interest on Student Loans
Did you know that the interest you pay on eligible student loans can be claimed as a non-refundable tax credit?
You can claim interest for the past five years if you haven’t already.
This credit reduces the tax you owe, making it valuable once you start earning more.
Mak Tax Advantage:
Our tax filing specialists help graduates claim interest properly and maximize their refunds
5. Report All Income, Even Part-Time or Freelance
Whether you’re working part-time at a Toronto restaurant, freelancing online, or driving for Uber, all income must be reported. Not reporting can lead to CRA issues later.
Tip for Freelancers:
If you earn more than $30,000 from self-employment, you must register for an HST number.
Mak Tax Service Tie-In:
Our Self-Employed and Side Hustle Tax Filing Services help students and graduates report income accurately, track expenses, and handle HST filings when required.
6. Save with Medical Expense Credits
Students often pay for dental work, prescriptions, or health services not covered by insurance. These costs may be eligible for the Medical Expense Tax Credit.
Mak Tax Service Tie-In:
We review medical receipts carefully during Personal Income Tax Filing so students and young adults don’t miss out on valuable credits.
7. Build Your RRSP Room Early
Even if you don’t contribute now, filing your taxes builds Registered Retirement Savings Plan (RRSP) contribution room. This can be used in the future when your income (and tax bracket) is higher.
Mak Tax Advantage:
Our Tax Planning Services show recent graduates how RRSP contributions can significantly reduce taxable income once they begin their careers.
8. Claim Rent or Property Tax for the Ontario Trillium Benefit
If you pay rent while studying in Toronto or Scarborough, you may qualify for the Ontario Trillium Benefit (OTB). This combines credits for energy, property, and sales tax.
Mak Tax Service Tie-In:
We ensure that students who pay rent or property tax claim the OTB properly, leading to extra payments throughout the year.
9. File on Time to Avoid Penalties
Even if you can’t pay your taxes right away, file on time to avoid late-filing penalties. Deadlines are:
April 30 for most individuals.
June 15 for self-employed students or graduates (though payments are still due April 30).
Mak Tax Advantage:
Our Year-Round Tax Support keeps students and graduates on track with deadlines, so they never face unnecessary penalties or interest.
Common Mistakes Students and Graduates Make
Thinking they don’t need to file because income is low.
Forgetting to claim tuition credits or interest on student loans.
Not keeping track of part-time or freelance income.
Missing the Ontario Trillium Benefit.
Filing late and losing access to credits or benefits.
With Mak Tax Filing Services, these mistakes are avoided, and students get the refunds and credits they deserve.
How Mak Tax Helps Students and Recent Graduates
At Mak Tax & Accounting Services, we specialize in guiding students and young professionals through the tax system. Here’s how we help:
Personal Income Tax Filing – Accurate, fast filing with maximum credits applied.
Self-Employed & Side Hustle Tax Services – Support for freelancers, contractors, and gig workers.
Bookkeeping Services – Organized records for students with part-time or freelance income.
HST Filing – Full compliance for graduates who start small businesses.
Tax Planning & Advisory – Guidance on RRSPs, tuition carry-forward, and future planning.
Debt & CRA Assistance – Support if you owe money and need a payment arrangement.
If you’re a student or recent graduate in Ontario, don’t leave money on the table this tax season. From tuition credits to moving expenses, there are many ways to save—but only if you file properly.