Non-Tax Reasons for Filing a Tax Return

If you look at a personal income tax return, it actually says “Tax and Benefit” return. Individuals who do not owe tax may still benefit from filing a return. Students rarely owe income tax but they still should file a tax return in order to receive their HST rebates. If a person does not file a return they are not entitled to the quarterly rebate. The same rules apply to the Canada Child Benefit (CCB). This is a non-taxable payment made to parents, but it will not be received unless you file. CRA has other rules along these same lines – your RRSP room is not calculated if you don’t file. TFSA is not based on income – but – again the TFSA will not be calculated unless you file a return. There is a trend here – you will not have access to any of these programs without filing the return, so everyone should file.

No comments yet.

Leave a Reply

Painless Financial Training Group Inc. with Debi Peverill

Understand Financial Stuff, Painlessly