What are the benefits of filing your tax return?

by in Tax Advice Information and Updates
What are the benefits of filing your tax return?
As Canadians, it is our obligation to file a tax return. It is important that we fulfill our tax obligations and file our tax returns. A key benefit that you can get from filing your tax return is that you will avoid having issues with the CRA for not filing.

Of course, there are many other benefits for filing your tax return. If you do not file, you will not be able to get any of the following benefits:

- Claim a tax refund. You will not be able to claim a refund if you don’t file your tax return in the first place.
- Claim benefits such as the Canada Child Benefit and the Working income tax benefit and other related provincial or territorial benefits, if it applies to your situation.
- Be eligible for the GST/HST credit and other related provincial credits.
- Apply the non-capital loss you incurred last year to other years.
- Report income for which you can contribute to an RRSP / PRPP (pooled registered pension plan) to keep your RRSP/PRPP deduction limit for future years current.
- Carry-forward the unused investment tax credit on expenditures you incurred during the current year.

Source: https://www.canada.ca/en/services/taxes.html
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Guest Saturday, 23 February 2019

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