Tax Tips - Should You File a Tax Return?

Here’s what the Canada Revenue Agency says about who should file a Canadian tax return:

You have to file a tax return for 2013 if any of the following applies:
You have to pay tax for 2013.
We sent you a request to file a tax return.
You disposed of property in 2013 (for example, if you sold real estate or shares) or you realised a taxable capital gain (for example, if a mutual fund or trust attributed amounts to you, or you are reporting a capital gains reserve you claimed on your 2012 return).
You have to pay back any of your Old Age Security or Employment Insurance benefits. See line 235 – Social benefits repayment, for details.
You have not repaid all of the amounts you withdrew from your registered retirement savings plan (RRSP) under the Home Buyers' Plan or the Lifelong Learning Plan. For details, see the RC4135 – Home Buyers' Plan (HBP) or RC4112 – Lifelong Learning Plan (LLP) guides.
You have to contribute to the Canada Pension Plan (CPP). This can apply if, for 2013, the total of your net self-employment income and pensionable employment income is more than $3,500. See line 222 – Deduction for CPP or QPP contributions on self-employment and other earnings.

Even if none of these requirements applies, you may still want to file a tax return to receive certain benefits and credits.

You may want to file a tax return if any of the following applies to you:
You want to claim a refund.
You want to apply for the GST/HST credit.
You or your spouse or common-law partner wants to begin or continue receiving Canada Child Tax Benefit payments.
You have incurred a non-capital loss (see line 236) in 2006 that you want to be able to apply in other years.
You want to carry forward the unused portion of your tuition and education amounts (see line 323).
You want to report income for which you could contribute to an RRSP, in order to keep your RRSP deduction limit.
You receive the Guaranteed Income Supplement or Allowance benefits under the Old Age Security Program. You can usually renew your benefit simply by filing your return by April 30. If you choose not to file a return, you will have to complete a renewal application form. This form is available from the Human Resources Development Canada (HRDC) website.

Taken from the CRA’s website at http://www.cra-arc.gc.ca.


The tax tips presented, and the rates provided, are only applicable to the dates the tax tips are presented and updated and they may change at any time.  Please use the tips for general information only and obtain professional advice and updates from Storoszko & Associates at 647 367-3477 or your professional tax advisor.