We are here to help you with your tax return, whether you are a foreign worker, visitor or permanent resident.
For example you will receive your 2016 T4 in January/February 2017. We require the information on this slip to work out the highest tax return you can receive.
However, if you have not paid a large sum of tax during the last financial year it may not help you receive a larger return. Not to worry, if it does not help you receive a larger return this year you can also use it the following year. Be sure to keep a copy safe in case you want to use it next year.
We will help you decide whether or not to use the T22 tax credits in order for you to get the best result, as you can save your it for a future year which may help you gain a much larger return in the future.
There are also additional benefits and expenses that you might be entitled to, which we will assess.
If you have already completed a tax return in the past you will be able to call CRA on 1-800-959-8281 and you will be able to set up your direct deposit over the phone, at the same time you may also want to update your address details over the phone as well.
If this is your first tax return you will have to set up your direct deposit by filing out your tax return in paper form. Ask the team how to sign up to direct deposit if you are unsure.
Contact CRA directly and they will provide you with an update (+1 800-959-8281). We are unfortunately not able to do this on your behalf.
Common tax myths
We often come across the same tax myths each year, so here is a list of the main ones.
After this date you can still file your self-employed return, but you will be subject to paying any accrued interest on money owed.
The reason you are encouraged to submit your tax return as early as possible is so that any tax credits or benefits you are entitled to are not delayed, so it is indeed good practice.
You are eligible to claim your tax back from the previous year, just as soon as you receive your T4 from your employer or employers. So as an example, in 2016 you can claim back tax paid throughout 2015, just as soon as your employer provides you with your T4.
In theory this could be as early as January, however most employers won’t get around to providing this until February.
Although this can sometimes be a little messy which could delay any potential refunds, you are able to file a return from a previous year, but this is done via a paper copy as oppose to electronically.
We often see overseas workers leave without knowing or bothering to claim their tax, which can amount to several hundred dollars, or even thousands of dollars in some cases. Crazy!
You are also not required to have a Canadian bank account, so don’t let that put you off filling in your return.
Even if you only worked a short period of time you are still entitled to claim, and will often get close to claiming your full taxed amount paid back to you.
If you have any further tax related questions then do get in contact with us and we will get back to you ASAP.