At Cashco, we feel it is our duty to our clients to create awareness about the options and tools to file their income taxes. Cashco Cares, and improving the financial futures of our clients is part of who we are.
We want to make sure that you’re aware of some of the finer points about tax returns.
Did you know that for many Canadians earning less than $40,000 per year, filing taxes doesn’t mean having a bill to pay- it means extra benefits to collect.
What do these benefits look like?
- You owe tax or want to receive a refund – If you are a resident of Canada for part or all of a tax year, you must file a tax return if you owe tax or want to receive a refund.
- Recover any tax you overpaid from your pay cheque – You may have had too much tax deducted from your pay cheque and not benefited from all the deductions and tax credits you were entitled to.
- Take advantage of refundable tax credits – Examples of refund tax credits: Children’s fitness tax credit, GST / HST Credit, the Working Income Tax Benefit. You won’t receive these credits if you don’t file a return.
- Create contribution room in an RRSP – If you have earned income, you can make RRSP contributions, which reduce your net income. If you don’t use your contribution room in any year, you can carry the unused amounts to future years.
- Carry forward or transfer any unused tuition or textbook amounts – If you don’t have enough income to use these tax credits, you can carry them forward to future years.