Coming to Canada, your income tax return isn’t the first thing on your mind. But it’s important that you understand how taxes work early on in your newcomer journey.
You may have a lot of questions about filing taxes in Canada such as the type of taxes you need to pay, timelines and deadlines, and the process of filing tax returns.
Shikha Bhuchar (Co-founder, Arrive), Harpreet Wadehra (CPA), and Thierry Sans (Professor, University of Toronto) explained the must-know information about filing tax returns and equipped newcomers with a general understanding of the Canadian tax landscape to ensure they’re better prepared to file taxes.
Topics covered include:
Watch our webinar to learn more:
- Download the Arrive Tax Guide to learn the tax terms you should be familiar with and to understand how to prepare your tax return.
- Read all about free tax clinics, find out if you qualify and learn where to get help with filing your tax returns.
In order to provide greater flexibility to Canadians who may be experiencing hardships during the COVID-19 outbreak, the Canada Revenue Agency has deferred the filing due date for the 2019 tax returns of individuals until June 1, 2020. However, the Agency encourages individuals who expect to receive benefits under the GSTC or the Canada Child Benefit not to delay the filing of their return to ensure their entitlements for the 2020-21 benefit year are properly determined.
The Canada Revenue Agency will allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
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.
* Based on market capitalization
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.