FRESH CANADIANS –FILLING TAX RETURNS & BENEFITS
WHAT IS A ‘PTR’ FOR FRESH CANADIANS?
‘Personal Tax Return’ also known as a PTR. If you are an owner of a company or working self-employed in Canada. It is the annual tax return that needs to be filed. In addition to this if you are working from home or have small business ownership. If you are a Fresh Canadians, you should have all the necessary information for filling a ‘PTR’, before it gets too late.
The people or individual who need to file their tax returns are as follows;
IF YOU ARE A:
- A Director of a limited company;
- Self-employed;
- A trustee or personal rep or Non-resident company landlord.
- Working through the CIS or Construction Industry Scheme
- Having income from the Savings & investments
- Having capital gains tax to pay
- Receiving income from overseas
‘If you are’ falling in any one of the above categories. As a result of this, you will be eligible to pay for PTR or ‘Personal Tax Returns.’
FOR ‘FRESH CANADIANS’:
Apart from the harsh winters of Canada, there are some more challenges for the new residents coming to the country. These are major challenges in the form of ‘Taxes’. The challenge is to know which are the credits and deductions. It doesn’t at all matters if its the first time. These are the expenses that need to be claimed if they are due. However, there are lots of benefits in filing taxes. The New Canadians qualify for the same tax credits as those who are already Canadian citizens.
Canada is a land of many opportunities in terms of work placements. There are benefits for Canadian citizens and having a sustainable business opportunity. All this can be availed if those coming to Canada are giving their taxes on time. Additionally, they are up-to-date in terms of the filling of their returns.
PRIMARY & SECONDARY RESIDENTIAL TIES IN CANADA:
There are plenty of Tax obligations that are based on residency status in Canada. Officially a citizen is Canadian when the CRA or Canadian Revenue agency acknowledges and establishes significant residential ties to Canada. By Residential ties, we mean having a home in Canada, a spouse or children. The secondary ties mean many other important Id’s, e.g. driver’s license & health insurance card. Also includes personal property that includes cars or furniture. Owning a personal property in Canada holds immense values. These are values in terms of ties at the time of having a positive response from the CRA i.e. Canadian Revenue Agency.
According to the new legislation the fresh Canadians also include protected persons from other countries. These are individuals whose current application is pending. Also, for those people who have received approval in principle for a stay in Canada. The taxpayers of New Comers would also need a SIN or Social Insurance Number. This is similar in nature to ‘NIN’ or National Insurance number for those new in England. To file your tax returns, the SIN can be obtained from Service Canada. Its usage is for claiming the benefits for both the provincial and federal levels.
FILING DEADLINES FOR FRESH CANADIANS:
The deadline for filing of the taxes will be April 30, 2020. For all sorts of owing to the tax department pay all dues before this date. There shall be an added interest charged in the case of Non-compliance in procedures. For those who are working self-employed, the date is different i.e. June 15, 2020.
THE VARIABLE TAX CREDITS:
Being Fresh Canadian citizens means there are lots of benefits that are claimable. All these benefits can be sanctioned in your name provided that one falls into the category. These also depend mainly on your unique situation. You shall have to report any income earned even if there is no income for a particular season. However, still, you shall have to show it to the tax department as a formality. In the case of zero income, the applicant is eligible for benefits. There are however some key credits that you should be looking for if it’s your first time.
Finally, one way or the other if you are in Canada. You should be enjoying the benefits of a highly trusted welfare state set up for the benefits of its citizens.
BENEFITS FOR CANADIAN KIDS:
‘CCB’ or Canada Child Benefits are for the Fresh Canadians. These are kids who are under eighteen and qualify to receive the CCB. Canadian Child Benefits program is for new entrants in Canada having difficulty raising their children. Hence, they can easily raise their children and start a new life in Canada. The benefits payment varies and is based on the age of the child. Other variables include the income of all the family members.
GROWING YOUR ROOTS IN CANADA-OVERSEAS SETTLEMENTS:
This is for Fresh Canadians and those who are on the verge of setting-up their roots. Also, in vast Country Canada and thinking of family expansions in Canada. These are people either doing their own businesses. In other cases owning a franchise or acquire a small company or people employed in full-time employment.
This is for people having their first home in Canada and has intentions of settlement in Canada. The name of the benefit is First-Time Home Buyer’s Tax credit. The amount of the tax credit is $ 5,000. This is the amount that can be helpful in settling into a new country from their home country. However, you shall be in-eligible for this amount if you were an owner previously. This ownership of a home must be in the last 5 years regardless of it was in Canada or not.
The main aim is growing up your family in Canada and settling in Canada from a whole new setup.
Canada can be highly advantageous for such people. The main reason is Canada needs lots of people to work for them in their country. The opportunities are bigger and better and growing up every day.
