Tax Filing tips for new comers to Canada
If you are a new comer to Canada that means you have recently migrated to Canada, then out of the many things you might wonder about, tax filing matters is certainly one of them. So let us start with the very basics. You need to note that Canada’s Tax system is regulated by the Canada Revenue Agency also known as the CRA. In case you are employed then the last date for filing your personal tax return is 30th of April. On the other hand if you are self employed the last date for the same is mid-June.
Do I need to file a Tax Return?
Whether you should file your tax return depends mainly on your residency status in Canada. If you are a resident of Canada or deemed to be a resident of Canada then you are required to file a return. There are also certain circumstances where even non-resident Canadians could have certain tax obligations too. It is best that you consult a reliable Tax Consultant to assess whether you have any tax obligations and file your returns accordingly if the same is to be filed.
Benefits of filing Tax returns
There are many benefits of filing tax returns. The foremost advantage of doing so is that it would make you eligible for certain benefits. These might include the Goods and Services Tax and Harmonized Sales Tax (GST/HST) credit, child benefit and other tax credits based on the province or territory you live in.
Basic Information for filing Returns
Apart from the basic personal information which is need like name, address, income from previous year you must also apply and have your Social Insurance Number (SIN). This is what is used to identify you and your dependents for income tax benefits.
Filing your return
As a new immigrant to Canadian, you could most likely have to print and mail your first return instead of sending the same electronically through NETFILE as it done in normal cases. The preparation of such statement could be done with the help a financial tax consultant. All you need to do is provide the basic details which are necessary in regard to your income and other details.
