If you owe taxes in a calendar year you are required to file an income tax return. However, even if you don't owe any tax, there are a number of good reasons why you still may want to file.
You could be eligible for a refund. CRA only processes refunds that are owed to you if a tax return is filed for your SIN number for a given year. Every Canadian tax filer is eligible for some basic credits and this often can result in a refund if you have paid tax during the year and your income is at a lower to mid level.
You may be eligible for benefits or credit payments that can only be obtained by filing. An example of this is the federal GST/HST credit that is paid quarterly to you for the year if you are eligible.
Non-filers may risk interrupting certain program benefits. Certain federal and provincial program benefits utilize your tax filings and information to determine eligibility. If there is a gap in your tax filings, you may have to catch up missed returns to continue to receive benefits.
If you have any number of unfiled personal or corporate tax returns and would like to catch them up in the most efficient way, please feel free to get in touch with me by phone (778-868-1665), email (eric.bangel@outlook.com) or message me through the contact button on my website.
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