We offer a dedicated tax return service for co-op students and students who have undertook work experience abroad. If you completed your paid work experience abroad, you may be entitled to a tax return.
Co-op placements usually last for duration of between 10 – 12 weeks in Canada, depending on the country agreements. In Canada, you can go on co-op placements numerous times throughout your degree education, where as in many European countries you only have to do one lengthy co-op programme which can last up to 6 months.
Gaining practical experience is crucial in today’s competitive jobs market. Doing a co-op placement at home or abroad will put you face to face with Canadian employers, allowing you to demonstrate your skills and communication abilities. Various colleges and Universities in Canada offer assistance to potential co-op students through their dedicated Co-op Placement Officers. They are there to help you to secure the best work placement in the industry that allows you to put your studies into practical use.
Tax – how much you’ll pay, and how much you can claim back
Once you have secured your work term, you will need to think about your pay and how to make the most of the working world. Wages for graduates in Canada are on average $12.00 – $15.00 per hour, depending on the specific industry that your studies relate too. Of this pay, you will be taxed anywhere between 15% and 29% depending on this position, the company, and your experience within the industry.
This is where Taxback.com comes into the equation. Once you have completed your work placement in Canada, you will need to file your tax return. If you earn less than $11,000 in Canada within any tax year, you will entitled to claim all of your tax back due to your low income status.
Student Loans and Tuition Fees
In addition to this co-op tax return, you may be able to claim the interest you have paid on any student loans over the course of your studies, usually for the preceding 5 years of study if you have paid interest of the loan.
Many International students and Canadian students believe that they can claim their full tuition fees back when they file their returns. This is not the case in Canada, but you may be able to carry forward some payments spent on tuition and text books over the course of the year. Register here for further details regarding tuition expenses and student related tax returns. Find out now if you are entitled to some money back at tax time in Canada with our free online tax estimations.