Why Should I File a Tax Return if I Don't Have to Pay Tax?

Author: External Author | | Categories: Accounting , Bookkeeping , Business Accounting , Business Bookkeeping , Corporate Tax Returns , CPA , Small Business Accounting , Tax Accountant , Tax Preparation

If you have to pay tax or have earnings on which CPP contributions must be paid, you must file a tax return.  You must include your worldwide earnings in your taxable income.  You will usually have to pay tax if your taxable income exceeds the amount of the basic personal exemption.  See the tables of non-refundable tax credits for amounts for federal and provincial/territorial basic personal exemptions and other tax credits.  If you have net self-employment income or pensionable employment income in excess of $3,500, you may have to remit CPP contributions.

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Original Article Source Credits: taxtips, https://www.taxtips.ca

Article Written By: NA   

Original Article Posted on:  January 10, 2021 

Link to Original Article: https://www.taxtips.ca/personaltax/whyfilereturn.htm