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Why should someone file a tax return?

Posted in Newcomers


Published on March 13, 2015 with No Comments

Tax time is here. April 30, 2015 is the tax filing deadline for individuals who are not self-employed.
One question always arises as to why someone should file a tax return. When you file your tax return, not only you report your last year’s income but also enter to participate in several government funded programs which help the families with some extra income. Families with children under the age of 18 are eligible to receive tax free monthly payment of Canada Child Tax Benefits (CCTB). Do you know? Information you provide on your income tax return is used to calculate your CCTB. Families with the children of under the age of 6 receive Universal Child Care Benefit (UCCB). You can apply for the GST/HST credit.
Students can claim tuition, education and textbook amounts. They can transfer these amounts to their spouse, parents or grandparents or they can carry forward these to claim in future years.
Seniors have several benefits and credits available who are 65 years or older. Seniors can also apply for the GST/HST credit. They can apply for the Age amount, Pension income amount, Disability amount and much more.
There are several incentives for the small businesses. Do you know? Long haul truck drivers can claim 80% of their meal expenses. In general Canadian tax system limits business-related meals & entertainment expenses to be deductible only up to 50%.
You should file your tax returns soon to avoid any last minute rush and fines and penalties. You can contact me for further information at saritasinghal@outlook.com or 647-381-2480.
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