Benjamin Franklin once said that, “In this world nothing can be said to be certain, except death and taxes.”
I can think of a couple other sure things, like the Hawks Women’s Basketball team winning the championship, and Ackee Tree being delicious, but you get the point, taxes are an important part of life.
Here are four reasons why you should learn how to do your own taxes this season:
It’s not hard to do
Unless you plan on having your parents do your taxes for the rest of your life, or paying an accountant to do them, you should really learn how to fill them out by yourself. It may seem like an arduous undertaking, but it’s really simple once you’ve learned how to do it. In all it only takes around 30-40 minutes, once a year. The best part is that it’s like riding a bike, you learn once and you have that skill for life.
IGNITE will teach you how to do them: FOR FREE
Part of the financial services available to you through IGNITE, are Tax Workshops available for appointment during the month of March. We have also compiled official Tax information from the Government of Canada, including resources for Domestic Students, International Students, Parents, Aboriginal Peoples, Persons with Disabilities, and more. There are also videos for Domestic Students and International Students.
You will get a better understanding of what taxes are
While doing your taxes you can learn how tax revenue is actually spent. In Canada, taxes are collected by the government to pay for the many facilities, services, and programs available to you.
Our taxes pay for:
- libraries, parks and playgrounds
- roads and bridges
- education and schools
- health care and hospitals
- police, ambulance, and fire services
- garbage and recycling collection
You will also understand what you are claiming and paying, and know exactly how everything gets broken down. You can also see how much you can expect to get back from your tax return.
You’ll feel like an adult
“I do my own taxes!” is something you’ll be able to say if anyone calls you immature. College and University is a time when people (usually) make the transition to an independent adult, and doing your taxes is just another step. Why put more on your parent’s plate, or pay and accountant when you’re an adult and can handle it on your own?
If you found this article helpful, make sure to check out our article on Renting Tips for Students.
Remember if your interested in learning how to do your taxes, make sure to come to our Tax Workshop. Still don’t feel like doing your taxes yourself? Book an appointment at our Tax Clinic and let IGNITE do them for you.