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Showing posts from March, 2024

Benefits of filing your T1 Income Tax Return / T1 Personal Tax Return

If you are a Canadian Resident, whether as a student on a work permit a refugee a permanent resident, or a Canadian citizen, it is very important to understand that it may be in your interest to file your Income Tax Return ( T1 tax return filing ) irrespective of the fact whether you have to pay taxes or not.  Apart from other various criteria, the Canadian Income Tax Act lays down that it is mandatory for those having taxable income to file their T1 Income Tax Return for the year. In addition to this, Canada offers several benefits or refunds which are also linked with your or your family's income tax return, therefore it is very essential that you must file your income tax return. Benefits / Advantages of filing your income tax return To pay taxes for the year you owe. To claim a refund of excess deduction of income tax To get/continue to get the  Canada Child Benefit To claim the  Canada Worker's Benefits To get the benefit of refundable  GST / HST Credit To get the benefit