For those that are newcomers to Canada and are looking for help on filing your 2017 Canadian tax return, we have some commonly asked questions answered.
What is a tax return?
In its most basic form, a tax return is a way of calculating if you are due a tax refund, taking your total income and tax paid for the year, calculating whether you have overpaid or underpaid tax for the year.
Should I file a tax return?
Filing a Canadian tax return is highly advised for a number of reasons. Firstly, there is a very good chance that you are due a tax refund and with our free quote that is offered, it is quick and easy to see how much of a refund you are entitled to.
In addition to this, there are other benefits too, as you will also have your eligibility assessed for a number of tax credits and benefit payments for low to middle income earners, such as GST/HST, Working Income Tax Benefit and the Trillium Benefit.
What documents do I need?
In order to file a tax return you will need to have a copy of your summary of earnings from each employer. This is also called a T4 and will be provided to you at the start of 2018, detailing your total earnings and tax paid during the 2017 year.
Employers are legally required to provide you with your T4 before the end of February. As soon as you have your T4 you can get a tax quote for 2017.
How do I file a Canadian tax return in 2017?
While you can file a Canadian tax return yourself, for those that are newcomers to Canada it is a good idea to have a tax professional look at your situation. As you may be entitled to claim back expenses and other reductions, you should either conduct a considerable amount of research before filing, or use a tax professional to gain your highest refund possible.
When can I file a Canadian tax return?
You can file your 2017 Canadian tax return once you have your summary of earnings from your employer (T4).
When is the deadline for filing a 2017 Canadian tax return?
While the deadline for filing a 2017 Canadian return is at the end of April 2018, you can still file after this point. Filing as soon as possible is highly recommended though, as any benefit payments and tax credits may be delayed or stopped if this is not done.
What is my residency status in Canada as a newcomer?
For the majority of newcomers to Canada, you will likely be a resident for tax purposes. If you are not sure, get in contact with one of our team members, who will be able to ask questions to determine your residency status.
What expenses can I claim on my 2017 tax return?
There are a number of different expenses that you can claim on your 2017 tax return, such as charitable donations and medical expenses. Taking the time to research what you are allowed to claim on your 2017 tax return is vital to getting the highest return. If unsure, get in contact for a free consultation and quote.
If you have any further questions why not get in contact with us, as we’d be more than happy to answer any questions you have. Tax doesn’t have to be taxing, after all.