For many newcomers filing your taxes for the first time can be a little daunting and confusing. It’s important you understand how taxes work, the way taxes impact life in Canada, the importance of paying your taxes on time every year to avoid penalties, and how to maximize your tax refund.
In this guide, we will take you through the key points that are essential during your first year in Canada. We’ll list the terms that will need to become familiar, guide you through the steps to prepare your income tax return, and suggest free services that can help you file your taxes. Our goal with this guide is to make sure you’re prepared to manage the expectations that come with paying taxes in Canada.
What you’ll find inside:
- Common questions about filing taxes as a newcomer to Canada
- Common tax terms you should know
- Types of income in Canada
- Information on tax credits
- Preparing to file your taxes
- Understanding your T4 slip
- Filing taxes for the part of the tax year you were and were not in Canada
- Filing taxes as a student in Canada
- Tax implications of owning property before coming to Canada
- How to file taxes
Arrive is powered by RBC Ventures Inc, a subsidiary of Royal Bank of Canada. In collaboration with RBC, Arrive is dedicated to helping newcomers achieve their life, career, and financial goals in Canada. An important part of establishing your financial life in Canada is finding the right partner to invest in your financial success. RBC is the largest bank in Canada* and here to be your partner in all of your financial needs. RBC supports Arrive, and with a 150-year commitment to newcomer success in Canada, RBC goes the extra mile in support and funding to ensure that the Arrive newcomer platform is FREE to all. Working with RBC, Arrive can help you get your financial life in Canada started – right now. Learn about your banking options in Canada and be prepared. Click here to live chat with an advisor.
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This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.