A post by our sponsors, Sogemec Assurances and fdp Gestion Privée.

It’s already tax season, and even if your tax bill is likely to be low, or if you expect to receive a refund because you are a student and your income is low, you should still be aware of some important elements regarding your tax returns.

1. You may have had employment income in 2024. Usually low at this stage, you will likely have little or no tax to pay, but you still need to file your tax returns. Some government assistance programs rely on the information in your tax returns to provide you with benefits.

2. If you had income in 2024, you might be eligible for certain non-refundable tax credits (which reduce the amount of tax payable, such as your tuition fees) or refundable tax credits (which could entitle you to a refund).

3. If you have already started saving by opening an investment account, you may have access to certain tax deductions, such as your contribution to a CELIAPP account. The amount of your contribution can reduce your taxable income, but it may be best not to claim it now—save it for later when your income is higher. Some registered investment plans, such as the CELIAPP or RRSP, allow you to defer the use of your deductions until your income is more substantial—this is when they can have a really positive impact by reducing your tax bill.

4. If, after filing your tax returns, you receive a refund, even if it’s a small amount, add it to your savings, or start saving and setting aside some money periodically, preferably in a registered plan. With the help of compound interest, your savings will gradually increase… Life plans are built over the medium and long term, and the best time to start saving is now!

Have you thought about it? Some concerns may still seem far off, but time flies… You should already be thinking about protecting your ability to generate income by taking out disability insurance now and securing your future insurability (special offer for medical students).

Make the right choice today!

Don’t let uncertainty affect your future. Schedule a meeting now with an advisor from Sogemec Assurances and ensure that you are protected at every stage of your journey.

Sogemec Assurances: information@sogemec.com

fdp Gestion privée: (Your advisors: Financière des professionnels (fprofessionnels.com)

Our websites also offer sections with great financial advice:

• Sogemec Assurances: https://sogemec.com/jeunes-professionnels/medecin-etudiant/accueil/

• fdp Gestion privée: Managing your finances? Financière des professionnels (fprofessionnels.com)

The advisory team at fdp Gestion privée and Sogemec is here to help you stay on track. Our firms, created by doctors for doctors, understand your reality and offer personalized support.