Minimum income to get a refund | Income tax filing | Discussion forum

1- If you have no income your refunds is $0.00
2- If you are in Ontario and you paid rent or property tax in Ontario you will receive the Ontario trillium benefit (OTB) every month
3- You will also receive the GST every 3 months
4- You will also receive the CIA climate action incentive every 3 months

However you must file your Income Tax in order to receive all the above

for everyone else in here including myself 🙁 we will only receive the CIA climate action incentive every 3 months $372/4 starting in July 15 ( CIA NOT income tested benefit)

Reporting more income can only increase your tax liability, with the rare exception when one can justify a business loss with the income. (Not too often or CRA will declare the business a hobby or ineligible in some other way.)

In any case, casually selling small amounts of personal property without setting up to be at least a sole-proprietorship or self-employment isn't commonly considered income. Even if it is, only the gain on the property is income - sale price minus cost of property. And the BC Working Income Tax Benefit only applies to earned working income, which casual property sales are not.

Income level does not increase GST/HST/Climate tax credits, but CAN reduce them.

No tax paid, no tax refunded.

Higher income, always only lower or same for almost all benefits.

RetireEd

COIN said
"we will only receive the CIA climate action incentive every 3 months $372/4 starting in July 15 ( CIA NOT income tested benefit)"

How is this $372/4 received every quarter? Is it by direct deposit to your bank account?  

If you have direct deposit with CRA then yes if not a cheque will be mail to you. i believe in July 15 we will get double payment for april and july

agit said

If you have direct deposit with CRA then yes if not a cheque will be mail to you. i believe in July 15 we will get double payment for april and july  

Thanks. That clarifies the issue. Back in the old days, we would simply claim the credit on our tax return. Wonder why the CRA changed the method of payment?

jt4455 said

I was just asking a question. Thanks to the people who replied in a polite manner.

. . .  

Tip ➡ Ignore the Grumpy Ones . Sadly, they can't help themselves.

Dean

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jt4455 said

. . .

Btw I once met a man in a coffee shop who told me all about his investments and properties he owned. He drew diagrams on the napkins explaining everything. It was so sad. There is so much more to life than money.
 

Wise men once said . . .

"Money isn't everything ... as long as you have enough of it."
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"Money can't buy you happiness ... but it does pay the bills."

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Food for thought

Dean

Perhaps someone can help me understand this related situation.

A friend of mine has just been approved by CRA for the Disability Tax Credit retroactive to 2016.
He has now received reassessment notices for these years. In most years he is going to get slightly less than $200 back (variable amounts), so they say. CRA did not explain its calculations. For one of those years, I think it was 2017, he was told he wouldn't get anything.

His returns are about the same every year as his income is only OAS, CPP and GIS. He is wondering if the money will actually arrive because it doesn't seem to make sense. He only applied because this year his income will go up and he will be liable for tax.

My friend never paid any income tax during those years, and these amounts would not equal the Disability Tax Credit anyway. I understand it to be a non-refundable tax credit.

Can anyone explain why he is getting this money back?

Agree, there must be more to the story as DTC is non-refundable credit so tax must have been payable. With basic personal plus senior credits amounts you're at around $20K before you might have to pay any tax, did OAS & CPP amounts exceed those credits (unlikely but possible, I guess) resulting in tax payable in those years aside from 2017? I have tax withheld at source from my OAS & CPP, which I then claim back on my return every year, but I believe most people don't.

Or else CRA messed up (Notice of Reassessment will have some rudimentary info re lines that were adjusted due to retro DTC amounts), but if they say you're getting money I believe the Notice usually tells you when and how you'll get it.