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.:: Tax Returns
Should you file a tax return?
If there are any taxes payable.
- If CRA has requested you to file an income tax return.
- If you disposed of any capital assets such as real estate property, mutual funds or stocks.
- If there is a repayment of old age security benefits or employment insurance.
- If there you have a home buyers repayment.
Even if none of the above requirements apply to you, you may still file a return if the following situation exists:
You want to claim a refund.
- You want to apply for GST/HST credit.
- You or your spouse/common-law partner wants to begin or continue receiving the child tax benefit.
What is a taxable income?
- Employment income.
- Tips.
- Research grant.
- Rental income.
- Interest/dividend income.
What income is not taxable?
- GST/HST Credit and the Canada Child Tax Benefit.
- Compensation received from a province or territory if you were a
victim of a criminal act or motor vehicle accident.
- Any lottery winnings.
- Most gifts and inheritances.
- Most amounts received from life insurance policy;
- Strike pay.
- Profits from sale of principal residence.
- The GST/HST credit and the Canada Child Tax Benefit. |
