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March 18, 2023

Fundamentals of Canadian Tax Return for Newcomers and International Students

You should educate yourself on the Canadian tax return system as a new immigrant to the country, including how to file a tax return.

A tax return is a form you submit to the Canada Revenue Agency (CRA) outlining your earnings, credits, and deductions for a specific tax year. Because it establishes your eligibility for specific benefits, credits, and refunds, as well as your tax liability, filing a tax return, is crucial.

We’ll go through what a tax return is in this post, why you might need to file one, and how to complete it.

Tax Return In Canada 

A complete accounting of the income and deductions made during the preceding calendar year (from January 1 to December 31). An income tax return contains the federal, provincial, and territorial taxes paid and outstanding. Also, it aids in determining if you are eligible for a government refund of all or a portion of the taxes that were withheld from your income during that particular year.

In Canada, the deadline for filing income tax returns is for individuals except for those who are self-employed. Remember that there is a fine for failing to file your returns on time.

How to  File Canadian Tax Return Online

Newcomers to Canada who have never filed a tax return before can do so online. Using the CRA’s secure online NETFILE system is advised. These services, offered without charge, can hasten the processing of tax returns and hasten reimbursements. In fact, according to the CRA, certain refunds can be processed in as little as two weeks. You need one of the following to do a tax return online:

  • A legitimate social security number (SIN),
  • a temporary SIN, or
  • a temporary tax number (TTN).

Canadian tax return for newcomers

Canada  Tax Filing 2023 Deadline

Each year, April 30 is the deadline for submitting your taxes. However, if April 30 comes on a weekend, the deadline will extend to the following business day. The filing date is June 15 if you, your spouse, or your common-law partner are all independent contractors. On the other hand, your payment is due on April 30 if you owe taxes.

 Sign up With The CRA for Direct Deposit

The CRA advises signing up for a direct deposit to simplify tax filing. You can sign up for My Account for people on the CRA website after receiving your notice of assessment.

To establish an account, adhere to the instructions and prompts on the page. According to the CRA, opening an online account enables you to: See and manage your tax and benefit information online;

  1. Monitor the progress of your refund and return.
  2. Request credits and perks
  3. Refresh your address
  4. Get email alerts
  5. Make a donation
  6. Take a look at your NOA or reassessment

Tax Return Filing Offers Advantages

If you are living in Canada for more than 183 days as a resident or considered a resident, or non-resident, and don’t have any Canadian income, you might not oblige to file a tax return. Nonetheless, there are several advantages to filing tax returns:

GST/HST credits, the Canada Worker Benefit (previously the Working Income Tax Benefit), the Canada Child Benefit (CCB), and other provincial or territorial benefits and credits. The government gives a tax refund when you didn’t make enough money during the year or paid too much in taxes. Furthermore, the government sends you all or a portion of the taxes you’ve already paid.

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Last Words About Tax Returns & Refunds

If you are eligible for a tax refund, you can anticipate receiving your money in two weeks for online claims and eight weeks for paper returns.

According to the CRA, these deadlines only apply to returns that the government receives before the due date. The tax system in Canada may appear complex, but with the correct information and tools, it is simpler to understand and use. To better inform yourself and position yourself for financial success in Canada. Keep an eye out for Upcoming articles and seminars.

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