May 11, 2016
Personal Investor: How to land that summer job
By Dale Jackson
ANALYSIS: It’s hard enough for young people preparing for the working world – try paying for it.
Debt-laden students are fanning out across the country looking to fill the most coveted summer jobs.
Persistence is the key, but RBC has a few tips that might give you the edge.
- Create a social media presence: 93 per cent of recruiters use social media to find candidates. This gives recruiters unique insight into who you are professionally in a way your resume never could. Facebook and Twitter are a good start but creating a LinkedIn profile will give you a more professional appeal.
- Create your own job: Start a painting business. Look around and see what services are needed. Do market research to determine if the business is feasible. Keep track of costs and write them off against taxable income.
- Internship: It’s great to get experience in your chosen field -- but don’t expect pay.
- Don't dismiss traditional summer jobs: While looking for a job that can further your career is ideal, don't minimize the learning opportunity that you can gain from working in another industry. It can teach you lessons that will help you throughout your life, or provide motivation to strive for something better.
If you manage to bank-up some decent coin over the summer consider putting it in a tax-free savings account, where it can be invested and gains will not be taxed. It can be withdrawn without penalty at any time.
Any income requires a tax filing. It can help you accumulate registered retirement savings plan contribution space for later in life. It can also lower your tax bill by deducting credits from expenditures throughout the year.
Here are a few common credits for students:
- Basic personal amount ($11,327)
- The Canadian Employment Credit
- Tuition, education and textbook credits for tuition fees
- A Public Transit Pass Credit for monthly or longer transit passes. You will need receipts to make this claim.
