March is in full swing and tax season is upon us.
With T4 and T2202 tax slips being tossed your way, this is a good time to have a conversation about financial literacy.
But many students still struggle with understanding basic finances and how to pay their taxes on their own.
The average student in Ontario pays about $7,500 in tuition a year, according to Statistics Canada. Add living expenses and the cost of basic necessities on top of that and a university education becomes a significant investment. Finding a high paying job is difficult, especially considering many students have little work experience beyond an internship or summer job.
The average student graduates with $28,000 in student debt, according to the Canadian Federation of Students.
Students need money now more than ever, and what many don’t realize is correctly doing your taxes can earn you tax rebates of up to $1,200 a year according to the Carleton University Students’ Association.
Financial literacy is a skill that will become more prominent as time passes. The taxes you pay will be higher as you advance in your career, and budgeting will be essential as you gear up to make major purchases like a car or a house.
Part of being an adult is being financially literate, and students should make it a priority to use the resources available to them to better understand their finances before they embark on to the real world.
