I just stated working part-time for like 5 months now.
2007-01-28 07:22:35 · 7 answers · asked by funkyblue 1 in Business & Finance ➔ Taxes ➔ Canada
Yes you do, because the employer is supposed to deduct tax, and other stuff, he is required to give you a T-4 Slip reporting your earnings and deductions.
If you didn't make much money you will probably get a tax refund.
And for that reason alone you will want to file
2007-01-29 08:58:29 · answer #1 · answered by bob shark 7 · 0⤊ 0⤋
You don't HAVE to file a return, but you may want to. Since you probably didn't make enough income in 2006 to be taxable anyway, any income tax that they took off your cheques would be refunded to you if you file a return. If you're still undecided, look at your last paystub for the year under the year to date income tax deducted section. If there is a number in that area that you would rather have in your pocket than theirs, then file a return. =)
P.S. You won't be eligible for the provincial tax credits since you are only 16 and will likely be claimed as a dependant where they get that credit for you. Sorry.
2007-01-28 16:56:28 · answer #2 · answered by LaLa 6 · 0⤊ 0⤋
You do not have to file your return for 2006, but you may want to. Not only will you get the taxes that you paid back (assuming that you made less than the basic personal amount).
YOu will also be eligible for the provincial tax credits. In Ontario, it is a $100 credit.
By claiming your income, you will also be earning RRSP contribution room. You may not want to contribue to an RRSP right now, but at some point you may want to max out your allowable deduction. You will earn 18% of you income as RRSP contribution room.
2007-01-29 14:03:13 · answer #3 · answered by Theebis 2 · 0⤊ 0⤋
If you are under 19 and make less than $8,929 in a year then you don't have to file Canadian income tax. Otherwise, you do.
It still could be beneficial if you make less than that, depending on what credits you might qualify for. These depend on your individual situation.
Check out the source for more information.
2007-01-28 15:35:15 · answer #4 · answered by cceuphoria 2 · 0⤊ 0⤋
you only "have to file" in Canada if you have 'TAX PAYABLE'
since you said you're only PT for 5 months, i assume you haven't reached the $9000 minimum on which income tax starts.
however, if you have had any CPP or income tax withheld from your cheques, you should file to get that refunded to you.
It's your right
2007-01-28 22:20:10 · answer #5 · answered by Tiberius 4 · 0⤊ 0⤋
YES, revenue canada wants to know everything. You will file and as you are still in school you will get it all back if your employer has paid any for you. It is in your advantage to file, as the money your employer paid in was taken from your pay cheque. By filing you get it all back.
2007-01-30 07:55:28 · answer #6 · answered by P.A.M. 5 · 0⤊ 0⤋
It depends on how much you've earned. Chances are it's to your advantage to file since you've had taxes withheld from your paycheque and will probably get a refund.
2007-01-28 21:27:39 · answer #7 · answered by sdc_99 5 · 0⤊ 0⤋