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Phone: (604) 605-3335  Toll Free: (888) 850-6585

 

 

Boale, Wood and Company

Boale, Wood and Company

Licensed Insolvency Trustee

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File Your Income Tax Return, You Might Get Money Back

November 9, 2012 by David Wood

(updated April 2017)

Did you know that just by filing your income tax return, you could receive more money from the federal and provincial governments through tax credits and benefits?

By simply filing your income tax return, a single person may receive approximately $585 more per year, a single parent with one child could receive $4,700 a year, and a two-parent family with two children may receive up to $8,600 more per year.

 By filing your income tax return you could receive:

  • GST/HST Credit
  • BC Low-Income Climate Action Tax Credit

You may also be eligible for other benefits such as:

  • Canada Child Tax Benefit
  • National Child Benefit Supplement
  • Working Income Tax Benefit

Other government departments also rely on your tax assessment to determine whether you qualify for rent or medical service plan premium subsidies.  By not filing your return, they typically find it difficult to provide you that assistance.

It is not illegal to owe the government money on your tax return; however, the Income Tax Act requires that you file your return annually and on time.

 

Articles,  Blog,  Tax Returns and Bankruptcy income tax

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We have offices located in Vancouver and Surrey.  We also provide services to residents and businesses in the Yukon Territory.

 

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