Well not exactly. Generally speaking if you are a resident in Canada for income tax purposes do not have to file a return with the Canada Revenue Agency (CRA) unless you owe taxes or the CRA asks you to 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.
There are benefits to filing a return even if you are not required to do so. You should file a tax return if:
- You want to claim a refund
- You would like to claim the GST credit
- You have unused tuition and education credits to carry forward
- If you had earned income for the purposes of your RRSP
- If you have non-capital losses to carry backOr if you are a senior and want to receive GIS or OAS payments
Related Articles
- Who Is Required to Pay Canadian Income Taxes?
- Income Tax & Real Return Bonds
- 2010 Federal Budget Summary
