It is essential that seniors file their income taxes so that they receive the correct amount of Old Age Security (OAS) and that their eligibility for housing or care isn’t delayed based on income verification requirements. It can be needed by applicants and/or parents when applying for a student loan. Article contentĬompleted personal tax return information is required if you need financing to start a business. This advertisement has not loaded yet, but your article continues below. As a result, many refunds are a little bigger this year. The government made changes to tax credits and deductions, and slightly shifted tax brackets upward to account for higher living costs. Regardless of which camp you’re in, here are three reasons why you should bother to file your income tax return.Īs of March 13, 2023, the Canada Revenue Agency (CRA) has reported that 66 per cent of the 3.7 million returns processed since the start of this year’s tax filing season have resulted in a refund, and the average refund was $2,172. They are also afraid of how much they might owe because one more debt could be their tipping point. Often, their financial information isn’t organized and they don’t know where to find the income tax documents they need. Please try again Article contentīut a great many clients are anxious about filing their returns.
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