Well not exactly.
Individuals are only required to file a Canadian income tax return (T1) if one of the following conditions applies:
- You have a tax balance owing at the end of the tax year,
- You have sold capital property during the year (stocks, bonds, mutual funds, real estate, business properties etc.),
- If you are a non-resident and have a taxable capital gain from a previously claimed capital gains reserve,
- You have a positive Lifelong Learning Plan (LLP) or Home Buyers Plan (HBP) balance, or
- The CRA has demanded that you file a return.
Note that if you are new to Canada you are required to pay tax on your worldwide income but only on income from point you became a Canadian resident for tax purposes.
If none of the above apply, there are still benefits to filing a personal income tax return. You should consider filing a tax return if:
- You want to claim a refund,
- You would like to claim the GST/HST credit,
- You have unused tuition and education credits to carry forward,
- If you had earned income for the purposes of your RRSP, or
- If you have non-capital losses to carry back or if you are a senior and want to receive GIS or OAS payments
If you would like to discuss how we might best help you with your taxes, please give Dean a call at 289-288-1206 or sent an email.
Revised May 30, 2012