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Investors and rental owners
Even if you have no income, there are actually several benefits available to those who file zero income tax returns:
- The Goods and Services Tax or Harmonized Sales Tax (GST/HST Credit) is one such example. If you are eligible, then the benefit will automatically be applied to your tax return.
- The Canada Child Benefit (CCB) is another example that provides tax-free monthly payments to parents or guardians of children. The CCB might include the Child Disability Benefit and any related provincial and territorial programs.
- Some additional provincial credits may be available, as well, such as the Ontario Trillium Benefit, which can issue you monthly money based on your tax return.
- If you attended school and have eligible tuition fees, you must file a tax return in order to claim the credits, even if you are not using them. You might not need to use the credits this year, but in order to carry forward or transfer them, they must be reported on your current year's tax return.
Please see the link below for additional information:
Do you have to file a return? As per the Canada Revenue Agency (CRA)
Thank you for choosing Turbo Tax.
March 17, 2022
11:02 AM