The majority of 18-year-olds most likely have very little work experience, and possibly have a small amount of income to claim, if any at all. In fact, many may not have given much thought to taxes and how they work. Regardless, by getting a head start on their taxes and by filing their first return at the age of 18, they may be entitled to receiving free money from the government. Keep on reading to find out more.
Why am I entitled to free money?
As low-to-mid income earning individuals, young adults are entitled to GST credits for the year they turn 19 – which means free money in their pockets. The government does this to support young people who are not earning a livable wage. However, one can only obtain this money if they have filed their taxes for the previous year (so while they were still 18). The reason being is that the Canada Revenue Agency uses the previous year’s return to assess how much each person can receive. This means that even with 0 income, it is worth their while to file at 18.
How do I get this free money?
As previously stated, in order to obtain this free money, young adults need to have filed their tax return for the previous year to ensure that they received the GST credits. The credits are paid out in quarterly payments, taking place in July, October, January, and April. Individuals who turn 19 years of age before the month in which the CRA issues the quarterly payments, and who have filed their return for the year prior, are eligible for this free money.
While filing a return at this age should be quite simple, we at the BM Group know how intimidating taxes can be, are more than happy to help with our generous student discount.
How much am I entitled to?
Most students can expect just under $300 per year in quarterly payments of $70 – for nothing more than filing their taxes! This is why we advise all young people to file their taxes ahead of time to ensure they receive these credits. If you are a young adult and think you may be eligible for this free money, contact us today and we can figure it out for you. This is an opportunity you that you are entitled to and should not miss out on!