Blogs & Comment

Filing tax returns

Even if you do not owe any taxes for 2009, it may be a good idea to file a tax return by April 30. You may be entitled to tax credits and benefits such as the goods and services tax/harmonized sales tax(GST/HST) credit and the Canada Child Tax Benefit.
Ontario residents are also entitled to benefits to help with the transition to the new Harmonized Sales Tax (HST), scheduled for implementation on July 1. The Ontario Sales Tax Transition Benefit provides 3 payments (spread over June/2010, December/2010 and June 2011) totaling a maximum of $300 for individuals over 18 and $1,000 for single parents and couples (with clawbacks starting at $80,000 for individuals and at $160,000 for parents). I believe B.C. may have a similar transitional benefit for its HST.
Beware self-employed persons. Many of you might get tripped up on a difference in filing and payment deadlines, says Corinne Pohlmann, vice president of national affairs at the Canadian Federation of Independent Businesses (CFIB). Self-employed individuals and their spouses have until June 15, 2010 to file their tax returns — however, any balance owing for 2009 must still be paid by April 30, 2010.