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Old Feb 15th 2014 | 9:10 am
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Default Taxes

Hi,
I am new to Canada,and live in BC;i have been employed since November 2013,and am hearing lots of talk of tax returns,as I am new to the country,I have no idea how to file my taxes,when they have to be in by or the whole process in general,can someone help with some information,I would be very grateful,
thank-you.
 
Old Feb 15th 2014 | 10:06 am
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Default Re: Taxes

Originally Posted by zac stone
Hi,
I am new to Canada,and live in BC;i have been employed since November 2013,and am hearing lots of talk of tax returns,as I am new to the country,I have no idea how to file my taxes,when they have to be in by or the whole process in general,can someone help with some information,I would be very grateful,
thank-you.
  • April 30 is filing deadline for employed individuals
  • Tax year is Jan 1 to Dec 31 each year
  • Get the form from the post office, it comes with instructions or, my suggestion is to use an accountant who does tax filing for your first one to get the most for your deductions and advice on what programs may be available to you, such as RRSP, RESP, RDSP, medical expenses, further education expenses, tax credits for certain volunteer work, children's Arts tax credit, children's Fitness tax credit, child care credits etc. http://www.cra-arc.gc.ca/gncy/txnf/m..._campaign=2014 New for 2014 is the SAR volunteers tax credit.
  • From personal experience, I would avoid tax preparers,such as H & R Block.
  • If you have assets overseas valued at over $100k you may have to file a T1135
  • Your employer must give you a T4, this is required for filing taxes
  • Canadian investment interest, you get a T5
  • Any income without either of these, you still have to report
  • Report all world income since becoming a tax resident
  • Carry over any RRSP entitlement in years you don't pay much tax and use it in years you are in a higher tax band to maximise your refund
  • If you have paid tax on income from overseas since becoming a tax resident of Canada you may be able to claim a credit for foreign tax paid if you have evidence you paid the tax

Last edited by Aviator; Feb 15th 2014 at 10:26 am.
 
Old Feb 15th 2014 | 10:54 am
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Default Re: Taxes

Big thanks Aviator!
 

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