Taxes - Amount under $500

[Maybelater]

I just need a quick answer. I can't find much through Google.

I worked for Elections Canada last year and was paid ~$200. I am not required to file amounts under $500 on my tax return?

[Modelexis]

Quickest way I've found to find answers for tax question is to call the CRA.

[Maybelater]

Originally posted by Modelexis
Quickest way I've found to find answers for tax question is to call the CRA.

Line won't free up.

[Modelexis]

Originally posted by Maybelater
Line won't free up.

Keep hammering it.

That's how I got into this world, I found a way to make it into the cue despite the competition.

[kenny]

You have to report the income, there is no minimum amount. Add it to your other income sources when reporting. There should be a separate line for it (non t4 earnings).

What you are confusing it with is an employer's minimum amount in order to issue a T4 slip to you ($500).

[CapnCrunch]

Originally posted by Modelexis
Quickest way I've found to find answers for tax question is to call the CRA.

Quickest and CRA in the same sentence!!!

You must have a relative working there.

[tenth]

Originally posted by CapnCrunch



Quickest and CRA in the same sentence!!!

You must have a relative working there.

While it's a bad time of the year for calls to the CRA, most of the year they are very quick picking up the phone.

[triplep]

Technically, you don't have to file your income taxes if you don't owe the government anything.

So your basic personal amount covers you for just over 10k in earnings.

As long as you don't owe the government anything, you don't have to file your income taxes.

Simple search: http://www.cra-arc.gc.ca/E/pub/tg/50...tml#P268_16439

Tells you all the criteria that you can use to decide if you want to file your income taxes.

The reason people with no income file their taxes is so that they can get the child tax benefit, and other benefits.

Now, if you had other income, then I would strongly recommend that you include that 200$. You don't want to get reassessed down the road, and owe income taxes on the 200$ plus penalties etc.

[Modelexis]

The reason I posted the suggestion is because I've called the CRA probably 10 times in the last week, all around 6-8pm and got in after about 4 minutes.

You can hammer it until it rings and then you can skip the phone menu after you select english you can just hit 0 3 times to immediately go to an agent.

No one hates the government more than me but I've had great experience not only with their phone system but the agents answering.
Very professional, very helpful.
I made one poor girl go through the entire tax return, all 3 tax return packages line by line so that I understood each item. After all that she was able to chuckle at my brutal jokes, that takes personal strength if you ask me.

I found out valuable information, for instance I learned that CPP is compulsory and there is no way to opt out of the program. I also learned that political bribes do not count towards tax credits as you need a receipt.

[garnet]

Originally posted by triplep
Technically, you don't have to file your income taxes if you don't owe the government anything.

not to start a debate, but i'm fairly certain that you must still file even if you don't owe (or they don't owe) you any $ ....even if your income was zero, filing is still required


the OP might be thinking about the "$500 per year cash income" limit rule
any temp worker i hire, i can pay him up to $500 (cash) without deductions (per individual, per year)

[triplep]

Originally posted by garnet


not to start a debate, but i'm fairly certain that you must still file even if you don't owe (or they don't owe) you any $ ....even if your income was zero, filing is still required


the OP might be thinking about the "$500 per year cash income" limit rule
any temp worker i hire, i can pay him up to $500 (cash) without deductions (per individual, per year)

did you not read the link that was provided, if none of those situations apply to you, and you don't care about any other benefits (gst, cctb etc), then you do not have to file your income taxes.

the only reasons that people file income taxes are to 1) get a refund because they over paid their taxes 2) they owe the government because they underpaid their taxes 3)to get benefits (gst, cctb).

So if someone made 0 dollars, had no kids, then no they are not required by law to file a return because none of the above 3 would matter.

The reason that you see people with 0 income file, is because typically they have kids, and their spouse earns an income, and family income is used to calculate CCTB. (and other reasons).

But if I made say 20,000 and my employer deducted 5,000 then I wouldn't have to file either, because based on just the personal credits I would have over paid my taxes. It would be stupid not to file, because I would get a refund, and I would also get a GST benefit 4 times a year if I filed.

Edit: If you don't believe me why don't you call the CRA and ask. They will ask you a few questions and if you say no to them, they will tell you that you don't have to file an income tax return.