Canada is full of experienced, full-service accounting firms which specialize in high-quality business advisory, accounting, tax planning services and more. This holds true for Kamloops accounting firms as well. If you’re a resident of Kamloops, filing your taxes as a Canadian for the first time, then this information will help you get on the right track!
You will find that Kamloops accountants and Chartered Professional Accountants (CPAs) are knowledgeable and ready to help you in any way they can with filing your taxes. Let’s get started!
First things first, it is important to know as a new resident of Canada that you are only considered a newcomer for the first tax year you are in Canada. If you are officially a resident of Canada or deemed a resident of Canada, you will need to file a tax return for the entire tax year or at least part of the tax year you have lived in Canada.
If you’re a Canadian resident, there are several reasons for filing your taxes (also commonly called filing your tax return). Most notably, these reasons include: if you’ve had a Canadian or another source of income, if you owe the government money, if you are wanting to claim goods and services tax/harmonized sales tax (GST/HST),the Canada Revenue Agency (CRA) has asked you to file a tax return, or if you’ve received any tax benefit from the Canadian government.
To file a tax return, you will need identification. This is vital information for the CRA to assess your return and calculate your potential GST/HST credit and any additional benefit that you might be entitled to under the Canada child benefit.
Noting the date of entry into Canada on your tax form is also an integral part of filing your taxes, as well as any information about your spouse or common-law partner, such as their net world income regardless of where they reside. Net world income is any income that is made inside or outside of Canada.
In terms of income you have to report, you will be required to report any employment made from Canadian business, taxable capital gains from unloading of taxable property in the country, and any taxable scholarships, bursaries, fellowships and research grants received from Canadian sources.
When it comes time to file your income tax, the deadline to file your taxes is April 30, while if you are self-employed the deadline is June 15. If either of those dates falls on a weekend, then the date gets extended to the Monday immediately following.
Kamloops accounting firms are filled with diverse staff that thrive off building a caring and trusting relationship with clients, while providing quality services that make a positive impact on your financial and personal life.
Their teams are experienced with filing taxes — no matter how easy or difficult — and want to help take the burden off you, come tax season.
To learn more about filing your taxes and how a Kamloops accounting firm can help you during tax season, reach out to any of them for a consultation with a Chartered Professional Accountant. They would be happy to hear from you and answer any questions you might have.
Here at ABDA.net, we’re a team of content writers who specialize in writing high-quality, keyword-focused content to help small businesses rank in search engines. We hope this article helped you start the process of filing your taxes! We recommend contacting Kamloops accounting firms to find a CPA for more help. If you’re a CPA looking for articles like this on your accounting firm’s website, contact us at ABDA today!
October 18th 2022