Hello everyone,
I have a question: Do I need to file taxes for my minor child? Last year, my child earned less than CAD 1,000. I filed their taxes, but we never received a Notice of Assessment (NOA). This issue has been bothering me.
Initially, I didn’t plan to file because the income was only about CAD 900. Even my accountant said it could be deferred for future filing. However, when I researched online, I found conflicting information: some sources said that any amount of income needs to be reported, even as little as 1 cent (which sounds a bit awkward). Others suggested that income under CAD 15,000 could be deferred.
To avoid complications later, I decided to file the taxes for that small income of CAD 900. Yet, even now, we haven’t received an NOA, which means I can’t create a CRA account for my child.
Now, my child has earned around CAD 2,000 this year, and I’m unsure whether I should file taxes for them again.
Can anyone help me understand why we didn’t receive the NOA last year? And should I continue filing taxes for my child moving forward?
Thank you in advance for your advice!
I have a question: Do I need to file taxes for my minor child? Last year, my child earned less than CAD 1,000. I filed their taxes, but we never received a Notice of Assessment (NOA). This issue has been bothering me.
Initially, I didn’t plan to file because the income was only about CAD 900. Even my accountant said it could be deferred for future filing. However, when I researched online, I found conflicting information: some sources said that any amount of income needs to be reported, even as little as 1 cent (which sounds a bit awkward). Others suggested that income under CAD 15,000 could be deferred.
To avoid complications later, I decided to file the taxes for that small income of CAD 900. Yet, even now, we haven’t received an NOA, which means I can’t create a CRA account for my child.
Now, my child has earned around CAD 2,000 this year, and I’m unsure whether I should file taxes for them again.
Can anyone help me understand why we didn’t receive the NOA last year? And should I continue filing taxes for my child moving forward?
Thank you in advance for your advice!