Even if you are not required to file a tax return did you know it is often in your best interest to do?
April 28th, 2009
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by admin · Filed Under: Question of the Day
If you had tax withheld from your income, and want a refund you will have to file a tax return to receive a refund. Federal governments and some provinces have refundable tax credits which are payable to you even if you don’t have any income and have paid not taxes. Would’t you like Revenue Canada to send you a cheque for the tax credit?
Are you 18 years of age or older? If you are, you will want to apply for the GST/HST credit if you turn 19 before April 1st of the following year as you will receive your first GST payment son after your turn 19 if you are eligible. You will want to apply for the Canada Child Tax Benefit in order to receive or continue to receive the Canada Child Tax Benefit payments for your children. Remember both you and your spouse must file tax returns to receive the non-taxable monthly payments made to eligible families with children under 18.
Did you earn income which can be used for RRSP purposes? Even if you do not wish to contribute to an RRSP currently, the earned income amounts can be carried forward indefinitely. Or if you contribute to an RRSP, up to $2,000 more than your RRSP deduction limit you can wait until a future year when you are making a higher income to deduct the contribution.
Remember if you are a senior who receives the Guaranteed Income Supplement when you file your income tax this automatically renews the Guaranteed Income Supplement.
Those who have a non-capital loss need to remember that they can carry back to prior years or carry forward the loss to future tax years and if you have unused tuition, education and textbook amounts that you would like to carry forward to use in the future.
For more information please contact Stephen Hill at 1.800.932.9989 or email financial@septen.com
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