Did you experience one of these milestone life events? Learn about impactful tax implications

Turning 19 years old marks a new chapter and can open up new benefits! You can get the quarterly goods and services tax/harmonized sales tax (GST/HST) credit payments (this may include a related provincial or territorial credit amount) provided you have filed your tax return and are eligible. You will get the first payment on the payment date that comes after your 19th birthday.

If you work and earn a low income, you may also be eligible for the Canada Workers Benefit (CWB) when you file your tax return.

If it's your first time filing your taxes, there is plenty of support to learn how to do so. Our Learn about your taxes page is a great place to start. It explains the importance of doing taxes, how you could benefit by doing your taxes, and gives you practical tips in an easy-to-understand format.

Getting a job is very exciting. It involves a lot of responsibilities, including declaring how much you earn. You are required to pay federal and provincial/territorial income taxes on your income.

The amount of tax withheld from your paycheck is based on the information you provide on your TD1 form. The form allows you to claim various personal tax credits, such as the basic personal amount, disability amount, and others. The total of these credits reduces the amount of income tax that is withheld by your employer.

Tip: If you have more than one job, keep your total income in mind when filling out TD1 forms. This helps make sure enough tax is taken off so you don't owe money later.

The T4 slip is a document that your employer provides to you, summarizing your earnings and the taxes and other amounts that were withheld during the year. It is essential for filing your tax return. If you have worked for multiple employers during the year, you will receive a separate T4 slip from each employer. You must include information from all T4 slips when filing your tax return.

If you are enrolled in post-secondary education, you may be able to claim deductions, credits, and expenses on your tax return to reduce the amount of tax you owe. For example:

• You can claim the tuition credit to reduce what you owe or transfer an amount to your parent, grandparent, or spouse or common-law partner, which in turn can reduce their taxes. You could also carry forward any unused amounts. It's a win-win!
• Moved for school or for work? You may be able to claim moving expenses if your new home is at least 40 km closer to school or new work location.

It might seem like the numbers don't add up when it comes to buying a first home. But with some planning, including saving for a house using registered plans, you can get a head start.

Saving and purchasing

• The First home savings account (FHSA) gives qualifying individuals the ability to save to buy or build a qualifying first home on a tax-free basis. You can contribute, or transfer from your RRSP to your FHSA, up to $8,000 per year, with a lifetime limit of $40,000. The Home Buyers' Plan (HBP) allows first-time home buyers to withdraw up to $60,000 from their Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home for themselves or for a specified disabled person. You can withdraw from an RRSP (under the HBP) and an FHSA for the same home, if you meet all the conditions at the time of each withdrawal.
• New: The proposed first-time home buyers' GST/HST rebate would eliminate the GST (or federal portion of the HST) for eligible first-time home buyers on new homes valued up to $1 million. The rebate would also allow first-time home buyers to reduce the amount of tax they pay on a new home valued between $1 million and $1.5 million.

Renovating

• If you're renovating to share a home with family, you may qualify for the Multigenerational Home Renovation Tax Credit. You could claim up to $50,000 in eligible renovation costs for adding a secondary unit for a senior or an adult with a disability, provided the work was completed during the tax year.

Have a new relationship status? You must inform the CRA about your new marital status by the end of the following month after your status changed. For example, if your status changed in March, you must tell the CRA by the end of April.

Let the CRA know if you:

• got married
• became common-law
• separated for more than 90 days (due to a breakdown in the relationship)
• got divorced
• became a widow/widower

If you're expecting or have recently welcomed a child, there are many benefits and credits you may be eligible to receive, and tax changes to consider.

With the Automated Benefits Application (ABA), you can automatically apply for the Canada child benefit (CCB) when registering the birth of your new baby. If you live in a province or territory that has ABA, you simply need to give permission for your information to be shared with the CRA during birth registration. Alternatively, you can also apply for the CCB using My Account, or by completing Form RC66, Canada Child Benefits Application. For more information, go to Overview of child and family benefits.

It's never too early to start saving for your child's future education by contributing to a registered education savings plan (RESP). Programs such as the Canada education savings grant (CESG) and the Canada learning bond (CLB) are other reasons for creating an RESP for your child. These programs may provide incentives for using an RESP to save for a child's post-secondary education.

As you enter a new life stage, it's important to stay on top of your taxes! Things like retirement, pensions, and moving to a place with a warmer climate can all impact your tax situation. Our web page on Taxes when you retire or turn 65 years old is a great place to start!

When you file a tax return, we determine your eligibility for benefits and credits. Filing on time helps ensure your payments continue without interruption:

• GST/HST credit – A tax-free quarterly payment for people with low and modest incomes, which may include a related provincial or territorial credit amount.
• Guaranteed Income Supplement – A tax-free monthly benefit for Old Age Security pension recipients who have low income and are living in Canada.

You may be able to claim deductions, credits, and expenses on your tax return to reduce the amount of tax you owe. This could include the age amount, disability tax credit, Canada caregiver credit, medical expenses, and home accessibility expenses. Find out what you can claim on our Claiming deductions, credits, and expenses page.

And remember: you and your spouse or common-law partner may be able to split eligible pension income, if you meet the requirements.

When someone passes away, handling tax matters can feel overwhelming. There are a few key steps that can help make the process easier.

• First, let the CRA know the date of death and cancel or transfer any benefit payments. You may also be able to apply for the CPP/QPP death benefit.
• If you're the executor or legal representative, you'll need to provide the CRA with a death certificate and documents that show you're authorized to act on the person's behalf.
• You'll be responsible for filing the final tax return for income earned up to the date of death, any optional returns, as well as any previous year returns that may not have been filed. If the estate earns income after death, you will also need to file a T3 return. Make sure any taxes owing are paid by the deadline.
• Before distributing the estate's assets, apply for a clearance certificate from the CRA; this helps ensure all tax matters are settled.