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Let’s Clear Something Up First

Taxes sound intimidating until you realize they’re mostly just forms, buttons, and a refund that won’t send itself.

If you’re a student or young adult, filing taxes usually isn’t about paying the government, it’s about getting money back, unlocking credits, and setting yourself up properly for the future. Even if you barely worked, filing still matters.

Filing a tax return does not automatically mean you owe money. In fact, most of us file because they’re entitled to refunds or government benefits.

By filing, you can get refunded for taxes already taken off your paycheques, become eligible for credits like the GST/HST credit, claim tuition credits (now or later), and start building a clean financial record early (always important!!)

Even if your income was close to zero, filing is still worth it.

How Taxes Work (as short as possible)

Canada uses a progressive tax system. That means you’re taxed more only as your income increases. and only on the portion that crosses each level. However, each province uses different income figures and tax percentages. You can find the exact numbers for your province here: Tax rates and income brackets for individuals, 2026 (2025 figures also posted)

Most students fall into the lowest tax bracket, and credits often reduce what they owe to $0! You don’t need to understand the math behind it; tax software handles that automatically.

You should file a tax return if you worked a part-time, summer, or full-time job, freelanced or earned side income (i.e. side-hustle, gig economy), paid tuition, or want refunds or government credits.

Even if you earned nothing, filing still helps. Filing once is how the system knows you exist.

When to file:

Tax season runs from February to April. For most people, the deadline is April 30.

You can pretty much file anytime as long as you have received all your tax documents. It is under the discretion of your employer as to when they will send you what you need.

You should file every year, even with low income. Filing earlier usually means faster refunds and fewer headaches.

The Guide Starts Here

What You Need Before You File

Most students only need a handful of documents.

Typically, that includes your Social Insurance Number (SIN), a T4 from your employer, a T2202 tuition form from your school, and sometimes a T4A if you received scholarships, received RESP benefits or did contract work. You’ll also want your bank information handy for direct deposit.

You might think “that’s it?” Yep! In this stage of your career it’s that simple.

How to File Your Taxes: Software Comparison (Canada)

To file taxes on your own, there are two realistic DIY options: using free tax software, or filing more manually through CRA-certified tools. Both are legitimate. One is a tad bit easier.

I am once again going to advocate for Wealthsimple’s tax filing product, it is truly so well made and very intuitive. Nothing wrong with CRA’s system either, but definitely use either of these instead of a third-party system like H&R Block where they will charge you an arm and a leg.

Wealthsimple vs CRA NETFILE: the side-by-side comparison

Using Wealthsimple Tax

Wealthsimple Tax is the easiest option for most students and first-time filers. It asks questions in plain language, walks you through each step, and automatically applies credits like tuition, basic personal amounts, and GST/HST eligibility. It is as simple as filling in numbers in boxes.

You don’t need to understand tax brackets, forms, or calculations. You enter your information, review the summary, and submit. For the vast majority of young adults, this is more than enough and is what I use personally.

Filing Through the CRA (NETFILE)

CRA NETFILE is the system the government uses to receive tax returns electronically. You still use software, but the experience is more hands-on and less guided.

This works well if your situation is extremely simple and you’re comfortable entering numbers without much explanation. It’s free and secure, just not as beginner-friendly.

Why H&R Block Sucks for Our Scenario

Paid tax services are built for complex situations, investments, businesses, multiple income streams, or major life changes.

If you’re a student with a basic return, you’re usually paying for something free software already does just as well. For most young adults, it’s unnecessary.

MoneyCampus rule:
If your tax return fits in one sitting, don’t pay someone to file it.

How to File Your Taxes Step by Step

Before you start, open a notes app and make a quick checklist:

• T4 (employment)
• T2202 (tuition)
• T4A (if applicable)
• SIN
• banking info for direct deposit.

Option A: Filing with Wealthsimple Tax

First, create a Wealthsimple account and login on the desktop version. On the menu bar towards the top of the screen, there is a “Tax” button. Create a tax profile and get started on your 2025 return.

You’ll begin by inputting basic information such as your name, SIN, address, province of residence (where you lived on December 31), and marital status.

Next, you’ll see an option to import slips from the CRA. If you have a CRA account, this is the easiest route. You’ll sign in, approve the import, and Wealthsimple will pull in your available tax slips automatically (I don’t use this)

Or else, right beside the CRA import button exists a “Tax Form Guide” option. This will ask you a bunch of multiple choice questions pertaining to your financial status. It will ask questions like:

• Were you a post-secondary student in 2025?
• Were you employed?

This takes a few seconds to complete, and once done all of your applicable forms will pull into your return.

With all your forms imported, refer to your paper tax forms received in the mail and fill in all the values into the correct boxes.

If you earned self-employment income (tutoring, gig work, freelancing), you’ll add it under self-employment income, enter your total income, and list reasonable expenses if applicable.

Once everything is entered, you’ll arrive at a summary or review screen. This is where you’ll see whether you’re getting a refund or owe money. If the number looks way off, go back and double-check for typos.

When ready, click Submit / NETFILE. You’ll receive a confirmation number, save it.

Finally, enter your bank details for direct deposit so refunds arrive faster. Or else, the CRA will send you a cheque like months later.

Option B: Filing Through CRA-Certified Software

This route starts by choosing a CRA-certified filing tool and clicking “Start return.”

You’ll need to manually enter personal details, then input your slips under sections like Income and Credits. Once finished, you’ll review your return and submit it via NETFILE, receiving a confirmation number.

The process is relatively the same, but you will need to add your corresponding tax forms yourself and fill them out. Of course this is perfectly fine by all means, but less guided than Wealthsimple.

What Happens After You File

After submission, the CRA processes your return and sends you a Notice of Assessment. If you’re getting a refund, it usually arrives faster if you set up a direct deposit.

Even if you balled out in 2025 and don’t receive a refund, filing may unlock credits and payments later, so trust it’s still worth it.

Common Mistakes to Avoid

The biggest mistakes students make are not filing because they think they “didn’t make enough,” forgetting tuition credits, ignoring side income, paying for tax filing unnecessarily, or filing late and missing benefits.

All of these are very easily avoidable, and all of them cost real money.

Final Takeaway and Closing Notes

Taxes aren’t about being “good with money.”
They’re about not leaving money on the table.

• File every year.
• Use free tools.
• Keep it simple.

Both the CRA and Wealthsimple have ample resources to help you out with any concerns you may have, or else feel free to reach out to me whenever via email or social media with any questions.

Disclaimer

This article is for educational purposes only and does not constitute tax or legal advice. Tax rules vary by individual situation and province. When in doubt, consult the CRA or a licensed tax professional.