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Originally Posted by greenbast
I apologize for asking this, im sure its been answered but i couldnt find it with a search. Would you personally file a tax return and have income at 0, or would you just not file one?
This is a hard question to answer and I think it really depends on your situation. I'll work though the process of what I would consider.
First, unless you are really into the hookers and blow eventually you'll have to start filing income taxes simply because you'll have reportable income from other sources. You have to put the poker winnings that you don't spend somewhere and most people would prefer to get a return of their funds. So if you have investments then eventually you have no choice.
The second consideration is that by not filing you are very likely leaving money on the table. This is usually not significant money but depending on the province it will be anywhere from $100 to $2000.
Then there is the issue of the TFSA. If you don't file income taxes you need to do something else to prove residency and get your TFSA space. I have no idea what the other options are but filing your taxes is by far the easiest way to get use of a TFSA and I'm fairly sure any alternative option would bring more attention that just filing taxes.
Lastly there are strange things involving health care in some provinces that require that you file income tax. I know little about those since I live in Ontario where that is not a concern. It might actually not be a concern elsewhere and the person who told me it was might just not have understood but apparently in BC it is required.