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The benefits of filing taxes

The benefits of filing taxes

If you do not earn enough to owe income tax, or if you earn a low income working under the table, filing a tax return will benefit you.

Some benefits are like free money from the government, including:

  • GST/HST credit worth up to $886 annually
  • Canada Child Benefit worth up to $8,226 annually per child
  • Ontario Trillium Benefit worth up to $1,398 annually
  • Canada Worker Benefit worth up to $1,355 annually
  • Guaranteed Income Supplement worth up to $916 per month*

*You must be over 64 and may need to complete an additional application.

Some benefits can help you in other ways, such as:

  • Keep unused tuition, education and textbook credits
  • Save for retirement with the Canada Pension Plan
  • Save in case you need to take time off with Employment Insurance, such as for:
    • Maternity leave
    • Sick leave
    • Compassionate care leave
  • Have proof of income when applying for a mortgage