Tax season is almost here, and you may be wondering if you should file a tax return. Regardless of the amount you make or where your income comes from, doing your taxes every year can help improve your financial situation.
Get your payments
Whether your income is tax-exempt, or you have no income to report, it is important to do your taxes every year so you can get the payments you’re entitled to. Filing your tax return opens doors to benefit and credit payments that can improve your financial situation. For example, the Canada child benefit (CCB) provides valuable monthly payments for each child in your care. The goods and services tax/harmonized sales tax (GST/HST) credit can help those with lower incomes manage the increasing cost of living. Additionally, the Canada Carbon Rebate can offset carbon costs for individuals in eligible provinces.
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Information source from Canada Revenue Agency (CRA)
