Why file a tax return?

Yes, we do get asked this question from time to time.  Depending on your and your families personal tax situation, some of the following points may apply:

1.   To claim a tax refund.

2.   To ensure that your GST/HST credit cheques and Canadian Child Tax Benefit (CCTB) cheques continue to be received.

3.   To ensure that you continue to receive MSP premium assistance.

4.  To ensure that you continue to receive your social assistance payments.

5.   To ensure you continue to receive the Guaranteed Income Supplement or Allowance Benefits under the Old Age Security program

6.   To report earned income in order to keep your RRSP deduction limit correct.

7.   To ensure that your self-employment income is factored into your Canada Pension Plan retirement benefit.

8.   To report losses (capital or non-capital) that you are able to carry forward to a future taxation year.

9.   To report tuition and education tax credits that you are able to carry forward to a future taxation year.

10. To apply for the working income tax benefit.

11.  To have a notice of assessment in case you need to pursue a mortgage, car loan or other personal loan.

Please also refer to the Canada Revenue Agency webpage entitled “Do I have to file a tax return?”

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Posted on September 18, 2012, in Personal Tax and tagged . Bookmark the permalink. Leave a comment.

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