Know When You Need to Submit Your Tax Return

In Canada, filing your taxes is pretty important, not just for staying on the right side of the law, but also to ensure you get to enjoy various benefits and settle any taxes you owe. If any of the following situations apply to you, then it's time to file your tax return:

☑️ Application for or receipt of advance Canada Workers Benefit payments for the current or upcoming tax year.

☑️ Claim of a capital gains reserve on the previous year's tax return.

☑️ Desire to carry forward unused amounts like tuition or retirement contributions to future years.

☑️ Desire to claim tax credits for Goods and Services Tax or Harmonized Sales Tax, or any related provincial credits.

☑️ Direct request to file a tax return received from the Canada Revenue Agency.

☑️ Election to split pension income with a spouse or common-law partner.

☑️ Expectation of a tax refund from the government.

☑️ Intention to claim the Canada Workers Benefit for the current tax year.

☑️ Intention to initiate or continue receiving supplemental income through the Old Age Security program.

☑️ Intention to initiate or continue receiving the Canada Child Benefit (spouse or common-law partner must also file if applicable).

☑️ Non-capital losses incurred, with the intention to apply them to future years.

☑️ Outstanding tax debt owed to the government.

☑️ Repayment of some or all Old Age Security or Employment Insurance benefits.

☑️ Reporting of income to maintain up-to-date retirement contribution limits.

☑️ Requirement to contribute to the Canada Pension Plan due to earnings above the basic exemption.

☑️ Residence in an eligible province for the Climate Action Incentive.

☑️ Sale of significant assets like real estate or stocks, resulting in taxable capital gains or losses.

☑️ Voluntary payment of Employment Insurance premiums on self-employment or other qualifying earnings.

☑️ Withdrawals from the Lifelong Learning Plan or Home Buyers' Plan that remain unpaid.

If you are uncertain about whether you need to file, it's generally safer to submit a tax return to avoid possible penalties or issues. Should you require assistance or have questions regarding your tax filing obligations, feel free to contact us. We are a professional tax service organization here to help you navigate the complexities of the Canadian tax system.