Planning to start a new life in Canada? Learn what you need to know
Canada can be an exciting country to shift to. With multitudes of people having vibrant cultures and a wide range of races, religions, and languages, Canada can be a dream country for many. But how can you start a life in Canada?
Let us take a look at what you need initially to get settled in Canada and the things you need to know before switching your country and start a new life.
Passport and Visa
A passport and visa are a must for entry into Canada. Depending upon the country of residence if you want to visit Canada you may need to apply for Canadian Visa. The type of Visa which is required for your travel depends upon the purpose and the length of your stay. You also require other documents such as proof of financial means, proof of return, identity and civil status documents, etc.
Work Permit
Most foreign nationals require a work permit to work in Canada. According to the Tax Consultation Service in Toronto, these are of two types:
Employer-specific work permit and open work permit.
Employee specific work permit allows you to work in Canada as per the conditions on your work permit, like:
● The employer you can work for
● Duration of your work
● Location of your work (if applicable)
An open-work permit allows you to work for any employer in Canada except the ones that are listed as ineligible or those who regularly offer striptease, erotic services, or massages.
Accommodation
Finding accommodation in Canada would be the first thing you would want to take off your to-do list before starting a life in Canada. There are plentiful hotels and hostels in the city areas that you might wish to book in advance to make sure that you have a wide range of options to choose from the accommodations available in Canada.
Get to know the Tax system of Canada
Tax Experts of Canada tell us about the taxation system in Canada. There are three types of taxes, the goods and services tax or GST, the provincial sales tax, and the harmonized sales tax or HST in some provinces.
These taxes are a tax on the purchase- Whether you are buying clothes, cars, or crockery you have to add the tax to your bill to get the final amount payable. There are certain goods like prescription drugs and child care items that are tax-free.
The central government charges 5% GST. Some provinces also exert a provincial sales tax or PST whose amount varies in each province. Some provinces combine the provincial sales tax and the GST and name it Harmonized sales tax (HST).
Income Taxes
Each Canadian resident is required to file an ITR yearly. You must mention in your income tax return that you are a resident, a ‘purported resident, or a foreign non-resident of Canada for taxation purposes. As per the leading tax consultants of Toronto, you are considered a resident of Canada when you have crafted significant relations with people there. The Canadian tax system is progressive or graduated meaning more money leads to more taxes.
However, there are various ways of saving your hard-earned money legitimately from going to the government as taxes. To know more about the Canadian tax system and the nitty-gritty of the tax policies; and ways for saving tax, you can take expert advice from the leading tax consultant in Canada, The Accounting and Tax Company.
