Comments on: Canada Income Tax

Question: Canada Income Tax

alse — Wed, 30 Apr 2008 11:27:37 -0800

I have never filed my taxes in Ontario, Canada before. Are there any benefits to doing so even if I have no income to declare?

By: ssg

ssg — Wed, 30 Apr 2008 11:38:05 -0800

At the minimum, you will get the GST credit (assuming you are over 19), which will make the 1/2 of work required well worth it. You can file online for free through one of the online tax filing services, since you have no income.

By: saradarlin

saradarlin — Wed, 30 Apr 2008 12:10:32 -0800

Free tax credits!!! Usually good for $100 + GST credit.

By: snoogles

snoogles — Wed, 30 Apr 2008 14:52:25 -0800

The GST credit is about $60 every 3 months. It's pretty sweet.
I don't know about the $100 credit though. My accountant said that it was only for those who were declaring income.

By: captaincrouton

captaincrouton — Wed, 30 Apr 2008 15:01:16 -0800

Are you in school? Tuition credits can be saved up and used when you do actually have an income. Might get a hefty tax refund for your first year or two of income.

By: astrochimp

astrochimp — Wed, 30 Apr 2008 18:08:55 -0800

Property tax credit!

Applies whether you rent or own (though if you're in a student residence, the maximum is $25). I'm a student living off-campus, and filing in Ontario for the first time gets me an extra $250 from that, alone. Also, their sales tax credit is $100. Plus, the tri-monthly GST rebate... you've got lots of reasons to file.

See: http://www.cra-arc.gc.ca/E/pbg/tf/5006-tc/README.html

(FWIW, I get back 4x what I used to get back when filing in my last province).

By: astrochimp

astrochimp — Wed, 30 Apr 2008 18:10:20 -0800

(Also, all of the above applies even if you're not a student).

By: alse

alse — Wed, 30 Apr 2008 20:17:58 -0800

Thanks for the answers! Would I be able to also file my 2006 return and get all the tax credits I missed out on?

By: astrochimp

astrochimp — Wed, 30 Apr 2008 22:06:19 -0800

Looks like you might be in luck:

"If you are requesting a prior year Ontario tax credit or amending a previously claimed tax credit for any taxation year after 1984, follow the instructions provided in the federal income tax and benefit package or call your nearest Canada Revenue Agency office for assistance."