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.
This guide is intended to provide you with general information about income taxes but it should not be viewed as providing tax, accounting or other professional advice. Even with all the detailed information in this guide, fully comprehending how taxes work in Canada is still complicated. For questions relating to your specific situation, please refer to a tax specialist (see the resources listed at the end of the guide).