Financial Aid

Find helpful tips below to remember while filling your taxes this year!

• You can file your taxes for free!
  Save money when filing your taxes by using free softwares such as Turbo Tax Free and SimpleTax! You can also search on the CRA website for free tax clinics on your area.
  
  
• Minimize the amount of tax you have to pay by filing your T2202 tax form!
  A T2202 is an income tax form issued to post-secondary students which shows the amount of tuition that can be deducted from your tax bill. Depending on your situation, this form either will help you pay less taxes for the year or give you a nice refund! You can find it on Web Advisor by going to Financial Information, View My T2202.
  
  
• What is the difference between a T4 and a T4A?
  A T4 is a tax slip issued to you by your employer. This slip shows how much employment income you were paid during the tax year and the amount of income tax deducted. A T4A tax slip includes other types of income. If you received a bursary, scholarship or a monetary award from Fanshawe, a T4A will be issued to you.
  
  
• CERB and CESB payments are taxable!
  If you received CERB or CESB payments, you are required to pay taxes on these. A T4A will be issued to you by the CRA which you will need to include when filing your taxes. If your total income for the year was less than $12,000 you don’t have to worry about paying any income tax!
  
  
• Don’t forget to claim the Climate Action Incentive tax credit!
  If you were over the age of 18 and a resident of Ontario on December 31, 2020, you are elegible to claim the $300 tax credit for single adults. The amounts vary for couples and dependants. Visit the CRA website for more information.

Need help filing your taxes? See below for Free Tax Clinics for Students.

• Virtual - Lindsay Mathyssen MP Volunteer Tax Clinic
  How to Book An Appointment: Call 519.685.4745 or email taxclinic1700@nullgmail.com
  
  
• Virtual - Compass Tax Clinic
  How to Book An Appointment: Email taxclinic@nullcompasschurch.ca
  
  
• Virtual - London Intercommunity Health Centre at Central Library
  How to Book An Appointment: Call 226.268.2806 or email annjoburke@nullgmail.com
  
  
• Virtual - Knollwood Park Baptist Church
  How to Book An Appointment: Email taxclinic@nullknollwood.ca
  
  
• Virtual - Life*Spin
  How to Book An Appointment: Visit www.lifespin.org

Looking for software to file your taxes? Check out UFile’s free software for students to complete their taxes.

When it comes to personal finance there are a lot of do‘s and don‘ts and knowing what to do and what not to do is key to you and your families financial well-being. Fortunately, the Fanshawe Student Union cares about you and wants to see you succeed. The FSU Finance Coordinator has provided you this step-by-step guide to start getting your finances in order... read full article

• To learn more about personal finance: “Wealthy Barber Returns” By: David Chilton, “Wealthing Like Rabbits” By: Robert R. Brown. (PDF, 6 MB)
• How to get out of debt: “Debt-Free Forever” By: Gail Vaz-Oxlade, “Unstuck” By: Karin Mizgala and Sheila Walkington.
• Investing for beginners: “Value of Simple” By: John Robertson PhD, “Broke Millennial” By: Erin Lowry.

• FSU’s Monthly Budget Template
• Fanshawe College’s Monthly Budget Template
• Meal Planning Template

• Apps: To make budgeting more accessible for you, check out “Mint” and “Goodbudget”. They are both free to download and are available in the App Store and Google Play.
• Desktop: For desktop users we have included a free budget template that is already done for you, simply plug in your information! You can also customize it to better reflect your personal situation.