Medicine Hat Accounting Expert – Sean Miller

As the weather turns towards more favourable spring-like temperatures, many taxpayers are reminded of their tax filing requirement.  Not everyone is required to file a tax return, however, there are benefits to filing even if you don’t owe tax.  Some of these are:

Filing a return establishes your contribution room for a TFSAs the weather turns towards more favourable spring-like temperatures, many taxpayers are reminded of their tax filing requirement.  Not everyone is required to file a tax return, however, there are benefits to filing even if you don’t owe tax.  Some of these are:

  • You have had tax withheld from your income and you are eligible to receive a refund
  • You may be eligible for certain refundable credits which are payable to you even if you have not paid any tax (Working Income Tax Benefit, Medical Expense Supplement)
  • Even if you aren’t eligible for a tax refund, you could be eligible for the GST credit (quarterly payments) even if you have no income
  • You and your spouse must file tax returns in order to be eligible for the Canada Child Benefit (CCB) payments
  • Filing a tax return automatically renews the Guaranteed Income Supplement for eligible taxpayers

There are many reasons a tax return should be filed, even though you may not owe any tax.  Feel free to call my office or discuss this with your tax advisor.