The Importance of Filing, Even with No Income (Part 2/5)

A common misconception is that you only need to file a tax return if you owe money or have a high income. In reality, filing is crucial even if you earned little or nothing for the year.

Why File? To Get Your Money! The CRA uses your tax return to determine your eligibility for various benefits and credits, such as:

• The GST/HST Credit, a tax-free payment to help low- and modest-income individuals and families.

• The Canada Child Benefit (CCB), a monthly payment for eligible families with children.

Without a tax return on file, the CRA can't calculate your eligibility, and you could miss out on hundreds or even thousands of dollars in payments. A simple return can lead to a big reward.

Source:https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/get-ready-taxes.html