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 Credit
- BC Low-Income Climate Action Tax Credit
You may also be eligible for other benefits such as:
- Canada Child 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.