Why File a Tax Return? Tax benefits and credits available
One of the points I raise in my seminars is that there are actually benefits to filing a return. It’s a myth that you are obligated to file a return every year. In fact, you are not required to file a return every year unless CRA asks you to do so. However, you can miss out on benefits, and CRA isn’t in the habit of reminding you of this. I have compiled a list of advantages waiting for you. Tax benefits and credits available GST credits Child Tax Benefit Refundable medical expenses Certain re-training plans Certain pension benefits Social assistance Workers’ compensation Federal supplements Excess tax paid Excess CPP and E.I. contributions Employee GST rebates GST input tax credits (mainly for businesses) Certain provincial tax credits, depending on your residence Note: To obtain the above payments, in most cases a yearly tax return must be filed with the appropriate documentation and completed forms. I always recommend consulting a professional to maximize your ...