No income to report? Why it pays to do your taxes anyway

Filing your taxes can seem like a difficult task, but knowing the benefits and claims you’re eligible to deduct makes the process worth it. Even if you don’t have any income to report for 2017 or your income is tax exempt, you could still claim helpful tax credits and get benefit payments. Just remember to do your taxes on time every year.

The Canada Revenue Agency will let you know if you’re eligible for certain benefits and credits based on information from your income tax and benefit return. With so many benefits and credits available, it can be easy to overlook one. Make sure you don’t forget any by checking the full list of deductions, credits and expenses. Some common ones include the Canada Child Benefit, GST/HST credit, disability tax credit, child disability benefit, advance payments of the working income tax benefit and related provincial and territorial payments.

You only have to apply for benefits and credits once, but to keep receiving your payments, you have to do your taxes on time every year, keep your personal information up to date and keep your supporting documents for at least six years in case the CRA asks for them.

To keep track of your benefit payments, you can sign up for:

  • the MyBenefits CRA mobile web app or My Account so you can get your personalized benefit information anytime, anywhere;
  • the benefit and credit payment dates reminders electronic mailing list to know when you will get your next payment; and
  • direct deposit to make sure you never miss a payment in the mail.

Source – www.newscanada.com

 


 

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