Filing income taxes in Canada
You must file a return for 2011 if any of the following situations apply:
* You have to pay tax for 2011.
* Canada Revenue Agency sent you a request to file a return.
* You and your spouse or common-law partner elected to split pension income for 2011.
* You received Working Income Tax Benefit (WITB) advance payments in 2011, and you want to apply for WITB advance payments for 2012.
* You disposed of capital property in 2011 (for example, if you sold real estate or shares) or you realized a taxable capital gain (for example, if a mutual fund or trust attributed amounts to you, or you are reporting a capital gains reserve you claimed on your 2010 return).
* You have to repay any of your Old Age Security or Employment Insurance benefits.
* You have not repaid all amounts withdrawn from your registered retirement savings plan (RRSP) under the Home Buyers' Plan or the Lifelong Learning Plan.
* You have to contribute to the Canada Pension Plan (CPP). This can apply if, for 2011, the total of your net self-employment income and pensionable employment income is more than $3,500.
* You are paying Employment Insurance premiums on self employment and other eligible earnings.
Even if none of these requirements apply, you may want to file a return if any of the following situations apply:
* You want to claim a refund.
* You want to claim the WITB for 2011.
* You want to apply for the GST/HST credit (including any related provincial credit). For example, you may be eligible if you turn 19 before April 2012.
* You or your spouse or common-law partner want to begin or continue receiving Canada Child Tax Benefit payments.
* You have incurred a non-capital loss in 2011 that you want to be able to apply in other years.
* You want to carry forward or transfer the unused part of your tuition, education and textbook amounts.
* You want to report income for which you could contribute to an RRSP in order to keep your RRSP deduction limit for future years up to date.
* You want to carry forward the unused investment tax credit on expenditures you incurred during the current year.
We can help you with filing your income tax returns. Our tax professionals offer convenient, accurate, and affordable preparation of all types of tax filings. We're equipped to handle any tax situation, including personal returns, rental properties, estate or trust issues and more. We'll make sure that you get the maximum refund possible. Give us a call now to book your appointment and file your taxes the right way.