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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Did you lose your job? Are you on maternity or paternity leave? Are you in-between jobs? Have decided to go back to school in order to further your career once you get back into the workforce? Or have you decided to take an extended sabbatical in order to refresh and take a breather from the everyday hustle and bustle of work-life?
Whatever your reason for not working, you may be wondering whether or not it’s still necessary to file a tax return. You might think there’s absolutely no reason to do so, especially since you did not make any money and therefore have nothing to pay income taxes on. In a sense, you may be right. You technically don’t have to file your income taxes if you have no income to claim, but only if other circumstances don’t apply.
There are many some valid reasons to still consider filing your income taxes despite not having made any income in the previous calendar year. But before we list these reasons, here are some scenarios that would require you to file your income taxes in the next tax filing season:
As you can see, there are many scenarios where you would still be responsible for filing a tax return, even if you are not currently working and bringing in a typical income.
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Aside from the aforementioned reasons to file a tax return, there are many benefits that you can capitalize on by filing a tax return despite not having a job. Filing your tax return will make you eligible for certain tax credits that you wouldn’t be able to get unless you file. Here are some of the tax benefits that you can get if you file your tax return.
It’s no secret that raising a child can be expensive. But if you file your taxes, you may be eligible for the CCB benefit. This benefit is a tax-free credit that is paid out each month. You could receive up to $563.75 per month for each child you have that is under 6 years old and $475.66 per month for each child between 6 and 17.
Check out these tax tips for low-income earners.
The Goods and Services Tax or Harmonized Sales Tax Credit (GST/HST) is a tax-free payment for individuals and families with a low income. Individuals can receive up to $451, while families and couples can receive up to $592. If you have a child under 19, you can receive an additional $155 per child.
Depending on the province you live in you may be eligible for other provincial tax credits such as the Ontario Trillium Benefit. This benefit includes 3 types of tax-free payments which are meant to help low-to-medium income families with energy costs as well as property and sales tax. The three benefits included are:
If you attended school, you may be able to claim your tuition fee for credit. However, it’s important to claim the credit during the correct tax year even if you don’t plan on using it. The reason is, if you want to carry forward or transfer the credit, you must report it during the correct year.
Check out these tax considerations for students.
Clearly, there are several scenarios that would not only require you to file a tax return even if you’re not working but there are also many cases where you would stand to benefit from such filing in the event that you are not necessarily obligated to file.
If you want to take advantage of any one of the above benefits, filing a tax return will need to be done, regardless of whether or not you are working and bringing in an income. As a general rule of thumb, consider filing your taxes, no matter what your employment status may be.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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