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Originally Posted by cigoL
I don't really have any motivation as far as credits go.. I just assumed it was something that can come in handy in the future. Like for example when I bought my properties, the mortgage broker needed a few years worth of income tax reports. I do plan on buying more property in the future, is this something I'll definitely need?
Lenders will often want notice of assessments so that they can confirm that you don't owe the government a bunch of money. This isn't an absolute requirement and if you have a relationship with the lender they might not ask but overall I do believe it will be harder.
How do you own multiple properties and have $0 income?
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Are there any other real benefits to filing if you're filing $0 income and don't care about credits or TFSA type stuff?
HST credit. Other credits for poor people that you might qualify for. Generally nothing much. I think some provinces require you to fine to get health care but that isn't the case in Ontario qne it sounds wrong to me but someone said this about BC and since they live there and I don't I have to assume they are correct.
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Not filing just seems like it puts me off the grid like some sort of rogue. If I were to get investigated some day (for whatever reason), would it be better for me to have not filed at all or to have filed with $0 income each year?
I don't think it makes a difference. You are not required to file if you don't owe taxes. If CRA wants you to file they will ask you to and then you have to.
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My situation is that I've been a pro for 4-5 years and typically making 1-300k/yr but have opted not to pay taxes after much deliberation from reading everything in this thread (along with talking to friends).
I'm not a fan of paying taxes so I don't disagree with you decision although discussing this with friends is something I would not have done. Relationships change and even when they don't envy is a really influential emotion.
You should also be aware that within the last month I got a PM from someone I don't know. Claimed that he along with a group of poker pros were being investigated by CRA. They had a lawyer but he wanted my advice. I have no idea if this signals a change in how the government approaches professional poker players or what. I personally didn't think CRA would take a serious run at poker players for a while but maybe this signals I'm wrong or maybe it is just nothing.