Five reasons why you should file your personal tax
Here are five reasons why you should file your personal tax.
Even if you have no income to report, you should still file it so you can assess your GST and climate change incentive tax benefit which gets paid out to you during the year.
Even if you are owing money, you should still report and discuss with CRA ways to pay them because if you do not report, they eventually will do it for you and accrue the interest along the way. Even after they create the owing, they still require you to file it yourself so it never skips a step for you.
In most cases, you will receive a refund if you have been working as an employee as most of the time if you are working one job there will be a refund available for you.
Certain loans require your latest notice of assessment and if you fail to file the previous year, the bank may reject your loan application.
Reduces calls and letters from CRA inquiring about your personal tax filing.