[TorontoCFE]

I got my degree working 30 hours a week and taking 10 hours of lectures a week. Hard but doable.

Being a student is totally irrelevant.

There are plenty of students working part-time - are they all tax empt because they go to school? Nope - they may not earn enough to pay much in tax but they still declare and pay.

If you don't declare the income, that is fine but you may still end up paying tax if you come to the CRA's attention for some reason and they decide to be difficult.
The standard penalty for 1st time tax evasion is the tax owed plus an equal amount in penalties.

I for one would pay $100 to be in the court the 1st time someone stands up and says they are tax exempt because they go to school.