Even if you have no tax to pay for 2009, filing a tax return is still necessary if you want to receive certain benefits and credits. Here are some good reasons for filing:
- If you have children, both you and your spouse or common-law partner must file a tax return in order to receive the child tax benefit.
- If you want to receive the GST/HST credit, you have to file a tax return. If you are turning 19 before April 1, 2011, you have to file a 2009 tax return in order to receive the credit for the calendar quarter following your birthday.
- If you have more tuition fees, education or textbook amounts than you need to reduce your tax to zero, you still have to file a tax return so that the CRA can record the amount you can carry forward to future years.
- If you had a job or other type of earned income, you should still file a return so that the income is used to increase your RRSP contribution limit for future years. This applies even if you are under 18 and still too young to contribute to an RRSP.
- If you are receiving the guaranteed income supplement, you must file a tax return each year to ensure that you continue to receive benefits.
- If you have received advanced payments of the Working Income Tax Benefit (WITB) in 2009 and if you would like to receive them again in 2010, you must file a 2009 tax return to be eligible.
- If you want to have the CRA determine your contribution room to your Tax-free Savings Account (TFSA), you must file a tax return each year. The CRA will use the information provided by TFSA issuers and advise you of your contribution limit on your Notice of Assessment.
- If your income is less than zero because of a business loss, you should file a return so that the amount is recorded as a "non-capital loss." You can carry this back three years or forward twenty and reduce your taxable income in those years.
H&R Block Canada can help you prepare and transmit your declaration, even if it's your first declaration, a simple declaration without any income, or a complex declaration. Contact us today! Use the Office Locator to find an H&R Block office near you.
