Should you still file taxes, even if you are not working?
Some low- or zero-income earners still think there’s no need to file a return. This misconception can cost thousands in lost benefits and credits like the GST/HST credit and the Canada Child Tax Benefit. More and more benefits are being distributed through the tax system these days. So, if no return is filed, no benefits get sent.Benefits such as the Guaranteed Income Supplement and the Working Income Tax Benefit, recipients must apply to receive this every year.Provinces also offer sales tax credits and property tax credits for low income earners. But again if you don’t file your taxes, no credit will be given.Even young teenagers who earn just few thousand should consider filing their taxes. That creates RRSP room that can be carried forward indefinitely to use at a time when they will owe tax.
