Understanding Taxes for Students

The T4 slip, also known as the Statement of Remuneration Paid, is a tax form issued by employers to employees. It provides a summary of the employee's income earned during the tax year, including employment income, taxable benefits, and deductions. The T4 also details contributions to employment insurance (EI) and the Canada Pension Plan (CPP). 

The T2202A is a certificate issued by eligible educational institutions in Canada. It outlines the amount of eligible tuition fees paid by the student during the tax year, as well as the number of months of full-time or part-time attendance. Students can use this certificate to claim education-related tax credits. 

A rent receipt is a document provided by landlords to tenants confirming the payment of rent. For tax purposes, it may be required to claim certain provincial credits, such as the Ontario Energy and Property Tax Credit. The receipt typically includes details like the amount of rent paid, the rental period, and the landlord's information. 

The T4A slip reports various types of income that are not employment income. For students, it may include amounts received for scholarships, bursaries, grants, or other income. The T4A provides details on the type of income received and may indicate if any tax was withheld. 

The T5 slip reports investment income earned during the tax year. It includes details on dividends, interest, and other investment income. For students who have investments, such as a savings account or Guaranteed Investment Certificate (GIC), the T5 provides information necessary for reporting this income on their tax return. 

A Receipt for Registered Retirement Savings Plan (RRSP) Contributions is issued by financial institutions when an individual makes contributions to their RRSP. It outlines the amount of contributions made during the tax year and is essential for claiming deductions related to RRSP contributions on the tax return.