File your taxes even if you had no or minimal incomes!
Many Canadians believe that they don’t need to file a tax return if they have had minimal or no income. If you have a year where your income is very low or at a zero, you should make the effort to file anyway. There are so many amazing that you may be eligible for, but you must file a tax return.
Failure to file your return on time (or at all) can result in missing out on several federal and provincial programs that you might be eligible for. Eligibility to qualify for these programs is based on information on your annual tax return.
Some Common examples include:
If you are married or living common-law, your spouse or partner is also required to file taxes in order to receive some of these benefits.
It is also recommended to file a return in the following situations:
It is highly recommended to report these losses and expenses. By reporting them, you may be able to carry forward losses and credits to future years. This can help considerable reduce your taxes on years that you have a higher income.
For more information feel free to contact our office at (905)-789-8827.
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