What are the types of taxable income?

• Any full-time or part-time work 
• Self-generated income (for example, a home business, selling goods or services online, earning tips) 
• Rental income, including renting out a portion of your home
• Investments (such as interest, dividends and capital gains) your pension

I am a student, do I need to file a tax return?

The Canada Revenue Agency (CRA) requires annual filing for most citizens. Students are not exempt from filing tax return. If your 17-year-old child is an entrepreneur who made over $3,500 (after expenses) running a small business or earning money from YouTube or any other business, they must file an income tax return even if they’re still in school. All working children should file a tax return as soon as they start earning income.

What are the types of non-taxable income?

• Allowances 
• Most lottery winnings 
• Gifts 
• Inheritance 
• Elementary, secondary and post-secondary school scholarships

How to apply for tax credits and benefits?

You need to file a tax return to apply for tax credits and benefits.

Why should you file your tax return?

Even if you had no income, you should still file your taxes before you turn 19. You may be able to access tax credits and benefits, like sales tax "GST/HST" credits or support for child care.

You must file a return if you:

• You owe tax to the CRA
• You are self-employed and have to pay your Canada Pension Plan (CPP) premiums
• You are self-employed and have paid Employment Insurance (EI)
• You and your spouse/ common law partner want to split your pension income
• You have participated in the Home Buyers' Plan (HBP) and you have repayment owing
• You have participated in the Lifelong Learning Plan (LLP) and you have repayment owing
• You disposed of capital property 
• You Disposed your principal residence even if you don't have to pay capital gains tax on that sale 
• Want to claim a tax refund
• Want to apply for tax credits and benefits
• Want to qualify for some government programs
• The CRA has sent you a Request to File / Demand to File your tax return 

What is the deadline to contribute into RRSP? 

Feb. 29 is the deadline for making RRSP contributions for the 2023 tax year.

What is the deadline to file your tax return? 

Canadians have until April 30th, 2024, to file their 2023 tax return. Self-employed individuals have until June 15, 2024.

What do I need to file my tax return?

• Tax information slips
• Receipts
• Social Insurance Number
• Identification

What are Canada Emergency Business Account (CEBA) loan repayment deadlines?

The repayment deadline for Canada Emergency Business Account (CEBA) loans to qualify for partial loan forgiveness of up to 33% has been extended from December 31, 2023 to January 18, 2024.

Is there a chance to refinance the CEBA loan?

The Canadian Government said for CEBA loan holders who file a refinancing application with the financial institution that provided their loan by Jan. 18, 2024, the repayment deadline to qualify for partial loan forgiveness includes a refinancing extension until March 28, 2024.

As of Jan. 19, 2024, any outstanding CEBA loans will convert to three-year term loans with an interest rate of five per cent per year, with the term loan repayment date extended from Dec. 31, 2025, to Dec 31, 2026.

What are the requirements for filing taxes?

The requirements for filing taxes depend on
1. Your filing status, which can be one of the following: 

• single, 
• married filing jointly, 
• married filing separately, 
• head of household, or qualifying widow(er)

2. Your gross income: which is the total amount of money you receive in a year before any deductions or taxes are taken out.

3. Your age: which affects the standard deduction amount and the eligibility for certain tax credits.