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