1) "
I am an international graduate student and I got a teaching assistance from the university. I received a form T4 and T4A. Do I need to add anymore deductions/income in the turbo tax menu options?"..........Have you checked each and every question to ensure you have answered all the questions correctly to open all the proper forms for you?
2) "
How can I maximize my return ? I pay rent, medical insurance and have a transit pass.".......You most definitely can deduct all these, but depending on the province you are in, will determine your rent paid for the year.
Rent is based per province, so when you go through your "Provincial" Tab, you will come across a rent paid entry, depending on the province you are in.
Medical Insurance - see link below:
Can I claim provincial health service payments as a medical expense?https://turbotax.community.intuit.ca/replies/2647924
and if by chance you are from QC here is the link to assist you further:
Québec Medical Expense Tax Credit
Transit Pass - see below:
Where do I enter my public transit pass amounts?
3) "Also, when I added T2202A form my tax return got less. Is it compulsory for me to add that? (Canadian Tax Return)"...Because you have worked and also were a student, let the following explain the details;
I entered my T2202A amounts and my refund went down. What happened? Can I just leave it out?
When you begin your return, you usually put in your income first. Because most students have fairly low incomes, a credit known as the Working Income Tax Benefit (WITB) is automatically assigned if you meet the requirements. One of the requirements of this credit is that you were not a student during the year. As soon as you enter in tuition amounts, that credit is removed because you no longer qualify.
As tempting as it may be to not enter in your T2202A amounts to keep the higher refund, you shouldn't -- for two very important reasons:
1. Compliance with CRA. If you were a student, you don't qualify for the WITB. Claiming the credit if you don't meet the requirements is considered non-compliance. Not only will CRA discover this when they begin their internal matching process and claw back that credit, you may also face interest penalties and fines. It's just not worth it.
2. You'd be shorting yourself in the long run. Even if you don't need those tuition credits this year, they are a big cushion in your favour when your education pays off and you start making the big bucks. It's just not worth it.
I hope I have answered all your questions.
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