10 good reasons to do your taxes

You have a modest income and don’t think you’ll have any taxes to pay, so you figure there’s no point in filing a tax return? This is definitely not the case! First and foremost, filing your taxes is an obligation. Furthermore, you may be eligible for tax credits or deductions from your taxable income. It would be a shame to leave them on the table. Here are 10 good reasons to file your tax returns on time.

1. Get a refund of tax deducted at source 

You may have paid too much tax during the year. The difference will be refunded.

2. Receive the Canada workers benefit (CWB)

This tax credit has two components, the base amount ($1,590 for a single individual and $2,739 for a family) and a disability supplement.

3. Receive the Canada child benefit (CCB)

The maximum amount is $7,997 per year for a child under 6 and $6,748 for a child aged 6 to 17.

4. Receive goods and services tax (GST) credit

It is up to $519 for a single individual and up to $680 for a couple.

5. Receive the solidarity tax credit

You may be eligible for the benefit depending on your situation.

6. Receive the guaranteed income supplement

Depending on your income, this supplement is available for low-income individuals who receive Old Age Security (OAS) payments. In 2025, the base amount is $1,086.88 per month and $13,042.56 per year.

7. Receive a refund of QPP/CPP, QPIP and EI overcontributions

Overpayments of these contributions can be refunded when you file your tax return.

8. Benefit from pension income splitting with your spouse

 If your spouse has little or no income, splitting your income will let you reduce your overall tax rate.

9. Receive the shelter allowance

This program is for low-income individuals who spend too much of their budget on housing. The program provides financial assistance of $100, $150 or $170 per month.

10. Benefit from other tax credits

Depending on your situation, you may qualify for several other tax credits.

• Work premium tax credits. The base personal amount for 2024 is $19,092 ;
• Tax credit for childcare expenses ;
• Tax credit for children’s activities ;
• Tax credit for medical expenses ;
• Tax deduction for remote work.

Seniors losing their independence, disabled individuals and their caregivers are also entitled to numerous credits. Even students, regardless of whether they earn income, can benefit from filing a tax return as there are tax credits available for them as well.

Hefty penalties

By failing to file your tax return (even if you have no income to report), you could be missing out on significant additional income.

If you still decide not to file your returns, you run the risk of problems with the Canada Revenue Agency and Revenu Québec, even for a small amount due. And if your debts accumulate without being paid, needless to say, this will cause you a lot of trouble. An ounce of prevention is better than a pound of cure, so you should act now.

For more information, go to the Revenu Québec and Canada Revenue Agency sites.

Are your debt problems affecting your life? Do not hesitate to contact one of our insolvency trustees who can guide you every step of the way.