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Tax Tips - January 30, 2002
File
Your 2001 Income Tax Return or Not?
________________________________________________ You
have to file your income tax return if any
of the following applies:
 | You have to pay tax.
| CCRA sent you a request to file a return.
| You have a taxable capital gain or disposed of capital property.
| You claimed a capital gains reserve on your return last year.
| You have to pay back any of your Old Age Security or Employment
Insurance benefits.
| You have not repaid all of the amounts you withdrew from your
registered retirement savings plan (RRSP) under the Home Buyers' Plan or
the Lifelong Learning Plan.
| You have to contribute to the Canada Pension Plan (CPP). This can
apply if the total of your net self-employment income and pensionable
employment income is more than $3,500. |
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Even if you do not have to file a return, you
still may want to if any
of the following applies:
| You want to claim a refund.
| You want to apply for the GST/HST credit.
| You or your spouse or common-law partner wants to receive Canada Child
Tax Benefit payments.
| You incurred a non-capital loss that you want to be able to apply in
other years.
| You want to carry forward unused tuition and education amounts.
| You received income for which you could contribute to your RRSP, and
you want to keep your deduction limit up to date. |
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