August 2022 Tax and Money Tips - Student Edition

Photo by Dom Fou on Unsplash

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​Happy August! Hope you are enjoying beautiful summer weather! It's almost back-to-school time. I'm seeing advertisements everywhere and I think this may be a good time to post tips for students. Here are the tips for August - Student Edition.

1. If you have a child heading off to university soon and you need to withdraw money from your RESP, you may want to schedule a time to see your financial advisor as soon as possible to ensure that you have enough time to gather all the necessary paperwork. There will be a processing time and you want to make sure that you will have the money before the tuition payment deadline.

2. If you (or your child) will be attending university for the first time this Fall, check your university invoice. Do you understand all the items charged? Are there any optional fees that you would rather opt out? Make sure you understand them before you make the payment.

3. If you’ve been awarded scholarships, make sure you claim them before they expire. If you have received your scholarship cheques, deposit them before they are stale-dated or expired (usually cheques are valid for 6 months). 

Here's a bonus tip that I think many people already know.
Before you go out to buy new school year's stationary, check what you already have in your home. Reduce waste. :)

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Visit https://PrudentMoneyCoach.com/blog.html for more tax and money tips. If you are on LinkedIn, Instagram, Facebook, or Twitter, feel free to follow me (LinkedIn, IG, FB, Twitter) for more tips. Have a great month and see you in September!

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