Tax Information People Planning to Migrate to Canada!

Amongst all the immigration facets like accommodation, employment, settling down, post-landing issues and so on, taxes are another critical issue that new residents to Canada must know before moving to the country. The information in this blog throws some light on tax payment in Canada, but it is generalized information and should not be taken as legal words.

Tax revenues open a pathway for the new immigrants to avail facilities like health facilities, public utilities and so on. Therefore it is the responsibility of every citizen to pay tax on time. You can file the tax through tax preparation companies or visit Canada Revenue Office to know more about the taxes associated with your income.

Residents of Canada are taxed on the basis of their income, as it is a must to show the assets and liabilities due in one’s balance sheet in order to show a proof of your income status. For this, it is essential for you to keep a record of all the bank statements, salary slips and other financial documents before filing the tax return. If you have any property, attaching the documents of the same becomes an essential part of filing your tax returns.

It is mandatory for you to get a SIN as soon as you move to Canada. SIN identifies for Social Insurance Number and is a must to avail the vital services in Canada. GST credit is given to the eligible new residents who file their annual taxes (FORM RC151). In addition there are other benefits such as scholarships, Canada Child Tax Benefit Application, to name a few, which are awarded to the qualifying candidates. To know more, consult an Immigration and Visa adviser today.

Leave a Reply

Your email address will not be published. Required fields are marked *

* indicates required field