Achieving A+ Finances

Student in Quad in summer

Just like studying is essential to succeed in your classes, enhancing your financial knowledge is crucial for building a strong financial future. We’re here to help you excel on your financial journey.

Before making any financial decision, please to ensure it is recommended for your individual circumstance.


Building a Strong Scholarship Application

Receiving a scholarship or award can greatly relieve some of the financial burden associated with schooling. Here are our tips to write a strong application:

  • Scholarships 101: Watch our presentations for Scholarships 101 and attend upcoming sessions.
  • Leadership: Provide specific examples of your leadership achievements, going beyond general volunteerism. Explain how your leadership experiences have contributed to your personal growth and explain the positive impact your leadership efforts have made on an organization, your school or your community.
  • Be creative: Creativity can set you apart from other applicants.
  • References: If the scholarship requires a reference. Choose references that have directly worked with or supervised you. This person should be able to provide specific examples and have firsthand knowledge of your leadership
  • Be informed: Make sure you are aware of eligibility requirements and deadlines by checking our Undergraduate Scholarships webpage.
Feeling Positive About Your Finances

Financial stress can negatively impact your life and your academic success. Check out our list of ways you can feel more optimistic and informed about your financial situation:

  • Don't overanalyze balances: Staring at your outstanding debts without action can increase stress. Acknowledge your debt, but only review what you owe when you are ready to set up a payment plan or make a payment.
  • Identify your financial stress points: If having a high credit card balance causes you stress, try to only use your debit card for a while. If impulse purchases are a concern, try a of budgeting.
  • Create a financial emergency plan: Explore for navigating a financial emergency and .
  • Take steps to understand your finances: Getting a better grasp of how to be financially successful can help you feel more in control. Take the Government of Canada’s to assess your knowledge of financial literacy, or visit the for resources on budgeting, money management, insurance, saving, investing and taxes.
  • Make one financial decision at a time: Trying to solve every problem at once can elevate your stress. Implement one new financial change per month to give you time to adjust to each change.
  • Avoid temptation: Limit the amount of time you spend at places and stores where you tend to spend money.
  • Don't be afraid to ask for support: If you have questions about student funding options, contact the Student Service Centre. If you are experiencing financial stress, contact the . Discussing your feelings with a family member or friend can also be beneficial, as they may offer advice from similar experiences.
Tackling Your Taxes

involves many important steps and can be confusing. Here are our tips to get started:

  • Get an overview .
  • If you typically complete your taxes using computer software, make sure the software is certified so your tax return can be securely submitted to the Canada Revenue Agency directly.
  • Collect your documents. Here is a list of important documents you will need to have prepared:
    • T4 Slip - You will get a T4 from your employer if you have worked during the previous year.
    • T4A Slip - You will receive a T4A if you received scholarships, bursaries, prizes or awards.
    • T2202A Slip - You will receive this from the ¾ÅÐãÖ±²¥ for your tuition the previous academic year.
  • Keep receipts for additional claims such as professional certification exams and childcare expenses, as these may be deductible.
  • The U of As’ Accounting Club runs an annual for students and other Edmontonians.
  • While filing your taxes can feel overwhelming, or easier to not do them, there are a number of reasons it's important to file taxes each year:
    • Student loans: You can't apply for government student loans without having filed your previous year's taxes.
    • Tuition credits: Your T2202A form that outlines the tuition fees you paid, which is a tax deduction. You can carry this amount over to future years to save on taxes when you are working or transfer it (up to a maximum) to a family member supporting your education financially.
    • This credit helps low and middle-income families/individuals handle the cost of taxes on goods and services and is paid out quarterly.
    • RRSP contribution room: Each year, there is a maximum you can contribute to your RRSP. Unused credit carries over to future years, allowing you to contribute more later.
    • Student loan interest: You can claim the interest charged on any government student loans you are currently re-paying. This amount can also be carried over to future years.
    • If you have children under 18, you may be eligible for this monthly government payment. The CRA uses information from your tax return to determine the payment amount, and you cannot receive this benefit without annual tax filing.
    • There may be other benefits based on your individual circumstances.
Find Alternate Sources of Income

Find yourself in need of a little extra cash? There are a number of ways to increase your earnings:

  • Sell unused items: Sell items you no longer use online or organize a garage sale with friends.
  • Pet services: Quickly and easily start your own dog walking business or pet sitting service.
  • Yard services: Offer services like window cleaning, fence painting, dethatching and raking or pet waste cleanup.
  • Babysitting: Consider offering babysitting services to your neighbors, or tutoring high school or junior high students on the weekend.
  • Monetize hobbies: Turn a beloved hobby into a money-making opportunity.
  • Cut costs: Review your finances to identify spending habits and areas where you can reduce expenses.