The Tax Preparation Blog

Question: Do students without an income have to file income tax (in Canada)?

Hello, dumb question, but here we go….

I was a full time student in 2007. I did not have a job for that time period. I do have tuition receipts and some other tax credits. I own property that I rent out, but what I charge them just covers my mortgage, taxes, and condo fees. It is not your typical “revenue property”.

Do I have to file income tax, and can I claim my “benefits” and tuition without an income? Will I get money back? Or do they carry these credits until I am working? This is the first time I have not had a job, so I honestly am not sure.

Thanks!
I don’t rent.
Sorry, I wasn’t able to finish my sentence…I do not rent for profit. I did not realize I have to claim my “rent” charged as income, since I don’t actually make a profit…just enough to cover my condo fees, taxes, and mortgage. Thanks.

Answer: Yes, you should file a return. Filing a return will allow you to either delay the use of your tuition fees or transfer them to a parent. It will also make you eligable for programs like GST Rebates and potentially tax credits for Rent / Property Taxes.

You will have to report your rental income and rental expenses. However only the interest portion of your mortgage is tax deductable.

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