If you’re in Canada and you want to know if you must file an income tax return for a taxation year, there are a number of things that should apply to you. In this post, we’re going to show you just what those things are. You should file an income tax return if the following circumstances apply to you:
If you have tax payable or the year, which are in excess of amount already withheld.
If you have earnings of $3500 or more in the year and if you are required to make CPP contributions.
If you, your spouse or your common-law partner are entitled to Child Tax Benefit, then you both must file returns to continue receiving.
If you disposed of a capital gain within the year.
If you had a taxable capital gain in the year, even in the application of losses, exemptions or a new capital gain reserve results in no tax owing.
If you need to repay all or a portion if your Old Age Security because your income exceeded $63,511.
If you must repay some or all of your Employment Insurance benefits.
If you haven’t repaid all the amounts you withdrew from your RRSP under your Lifelong Learning Plan or your Home Buyers’ Plan.
If you stopped being a Canadian resident during the year and during that time had capital property.
If you’ve gotten a demand from the CRA to file a return.
If you are looking for a professional accountant to do your taxes in Canada, then you have come to the right place as we are tax experts in Kingston Ontario and we can help process your income tax return quickly while maximizing the tax return you will receive. Our decades of income tax filing experience can help you with your personal and business taxes in Kingston. Remove the headache from taxes and let our skilled tax consultants handle your accounting and bookkeeping to process smooth tax returns for you. Precise, Accurate Instant Tax Refunds Since 2002.
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