Save $2,000 as a new migrant to Canada in taxes

Highlights: Save $2,000 as a new migrant to Canada in taxes

• Canada introduced benefits and tax credits that are available to newcomers, including permanent and temporary residents.
• Under the Canada Revenue Agency (CRA), the newcomer status lasts one year of residency in Canada.
• To enjoy the benefits of Canadian taxes, one must have a Social Insurance Number (SIN)
• Different Canadian provinces have different Benefits and Credits that an individual can avail.

 

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Ways to avail the benefit and tax credits:

To get the benefit of a Canadian tax credit, the individual must be a resident of Canada. To start receiving payments, they must have:

 

Apply for a Social Insurance Number (SIN):

Each individual will receive a nine-digit social insurance number, which is a personal number that is confidential and unique. A SIN is needed to:

 

• Get benefits and credits
• Work in Canada
• To open different types of Bank accounts

 

Apply for the benefits and credit if eligible:

A newcomer doesn’t need to do their first tax return before they can get these benefits and credits after arriving Canada such as:

 

GST/HST credit and Canada Carbon Rebate:

This tax is referred to as good and services tax/harmonized sales taxes (GST/HST), which helps to balance the tax for newcomers on the things they buy. Individuals at least 19 years old, with a low or moderate income, and who are eligible can apply for tax-free quarterly payments.

 

Canada Child Benefit (CCB):

Individuals who have at least one child under 18 years old and are eligible can apply for a tax-free monthly payment to help with the cost of raising their family.

 

Temporary residents must live in Canada for at least 18 months in a row. During their 19th month in Canada, they must have a valid permit before applying for Canadian child benefits and another tax program.

 

Two forms need to be signed by an individual before applying for GST or CCB:

 

• Form RC151: This Form RC151 is for individuals without children who can avail themselves of GST/HST Credit Application benefits.
• Form RC66: This is a Canada Child Benefits Application for individuals with children who want to apply for benefits.

 

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Provincial and Territorial Benefits and Credits:

Different Provinces	Benefits offered by different provinces
Alberta	Alberta child and family benefit
British Columbia	BC family benefit BC climate action tax credit
Manitoba	Manitoba doesn’t have any benefit programs for individuals.
New Brunswick	New Brunswick child tax benefit (NBCTB) New Brunswick harmonized sales tax credit (NBHSTC)
Newfoundland and Labrador	Newfoundland and Labrador child benefit (and Early childhood nutrition supplement) Newfoundland and Labrador income supplement Newfoundland and Labrador disability amount Newfoundland and Labrador seniors’ benefit
Northwest Territories	Northwest Territories child benefit Northwest Territories cost of living offset
Nova Scotia	Nova Scotia child benefit (NSCB) Nova Scotia affordable living tax credit (NSALTC)
Nunavut	Nunavut child benefit (NUCB) Nunavut carbon credit (NCC)
Ontario	Ontario trillium benefit (OTB) Ontario energy and property tax credit (OEPTC) Northern Ontario energy credit (NOEC) Ontario sales tax credit (OSTC) Ontario senior homeowners’ property tax grant (OSHPTG)
Prince Edward Island	Prince Edward Island sales tax credit
Quebec	Family Allowance
Saskatchewan	Saskatchewan low income tax credit (SLITC)
Yukon	Yukon child benefit (YCB) Yukon Government carbon price rebate – Individuals (YGCPRI)

 

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Other benefits and Credits:

After the tax return has been filed, the individual may be eligible for further tax credits and benefits such as:

 

• Dental benefits
• Disability tax credit
• Canada Carbon Rebate (CCR)
• Canada workers benefits
• Child disability benefits
• Canada caregiver credit
• Canada training credit
• Home accessibility tax credit
• Children’s special allowance

 

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Ways to receive their benefits:

Individuals can receive money directly in their accounts by signing up for direct deposit at a financial institution in Canada.

 

To enjoy the benefits and credit after sending their applications for benefits and application every year, they must submit the following:

 

• They must file their income tax and benefit returns on time, even without yearly income.
• Have to file a tax return for spouse and common-law partner even if they are unemployed.
• Update their personal information in the CRA.

 

*Are you looking for step-by-step assistance for Canada immigration? Talk to Y-Axis, the leading Overseas Immigration Company in Australia. 

 

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