The repercussion of not filing your taxes on time can mean that you will not receive some of the benefit payments that may assist you.
Guaranteed Income Supplement
If you over the age of 65 and are collecting the Guaranteed Income Supplement (GIS), you must file your taxes by April 30th of each year so that your benefits get renewed. If you do not file your taxes on time, you will not receive your GIS payment in July.
If you file your taxes after the deadline, make sure you fill out and submit a Guaranteed Income Supplement Renewal Application (Form #ISP-3026): https://catalogue.servicecanada.gc.ca/content/EForms/en/Detail.html?Form=ISP3026
If you are under 65 and will be applying for the Guaranteed Income Supplement, you must also make sure that your taxes and back taxes are filed in order to be considered for this benefit.
GST Credit
When you file your taxes, the Canada Revenue Agency automatically determines your eligibility for the Goods and Services Tax (GST) credit. This is a tax-free quarterly payment that help individuals with low and modest income offset all or part of the GST that they pay.
Where To Get Your Taxes Done For Free
Canada Revenue Agency has a program called the Community Volunteer Income Tax Program whereby volunteers in your community will do basic tax returns for free. To find a free tax clinic in your area, go to https://apps.cra-arc.gc.ca/ebci/oecv/external/prot/cli_srch_01_ld.action