Save $2,000 as a new migrant to Canada in taxes

Highlights: Avail tax credits and benefits as a Newcomer in Canada  

• Canada offers plenty of tax benefits and credits to individuals migrating to the country.
• The Newcomer status under CRA (Canada Revenue Agency) is valid for the first year of residence.
• Newcomers, their common-law partners, or spouses must be Canadian residents for income taxes.
• Newcomers need not do their first tax return in order to avail the benefits offered by the country in the first year of residence.

 

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Canada Revenue Agency (CRA)

Candidates' newcomer status under the CRA is valid for the first year of residence in Canada. The credits and benefits offered by the CRA provide financial aid and support to newcomers. The newcomers, their common-law partners, or their spouses must be Canadian residents to avail of tax benefits.

 

You can follow the steps given below to receive payments:

 

Step 1: Acquire a Social Insurance Number (SIN)   

A Social Insurance Number (SIN) is a 9-digit number unique and personal to each individual. It authorizes individuals to work and get paid while accessing government benefits and programs. Candidates can apply in person or online at the Service Canada Center.

 

Step 2: Apply for the eligible credits

Newcomers need not pay their first tax return before they can avail of credits and benefits in the first year of residence.

 

GST/HST credit:

The GST/HST credit offers concessions to the taxes newcomers pay on their purchases.

 

Canada Child Benefit (CCB):

Individuals with at least one child under 18 can apply for a tax-free monthly payment.

 

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Breakdown of Provincial Credits

The territories and provinces of Canada offer benefits and advantages that most newcomers can avail.

 

Given below is the list of complete details of the province-wise benefits:

Province	Benefits
Alberta	Alberta child and family benefit
British Columbia	BC family benefit, BC climate action tax credit
New Brunswick	New Brunswick child tax benefit (NBCTB), New Brunswick harmonized sales tax credit (NBHSTC)
Newfoundland and Labrador	Newfoundland and Labrador child benefit (and Early childhood nutrition supplement), Newfoundland and Labrador income supplement, Newfoundland and Labrador disability amount, Newfoundland and Labrador seniors’ benefit
Northwest Territories	Northwest Territories child benefit, Northwest Territories cost of living offset
Nova Scotia	Nova Scotia child benefit (NSCB), Nova Scotia affordable living tax credit (NSALTC)
Nunavut	Nunavut child benefit (NUCB), Nunavut carbon credit (NCC)
Ontario	Ontario trillium benefit (OTB), Ontario energy and property tax credit (OEPTC), Northern Ontario energy credit (NOEC), Ontario sales tax credit (OSTC), Ontario child benefit (OCB), Ontario senior homeowners’ property tax grant (OSHPTG)
Prince Edward Island	Prince Edward Island sales tax credit
Quebec	Family Allowance
Saskatchewan	Saskatchewan low income tax credit (SLITC)
Yukon	Yukon child benefit (YCB), Yukon Government carbon price rebate – Individuals (YGCPRI)

 

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List of other benefits offered by Canada

Some of the other benefits offered by Canada are as follows:

 

• Canada dental benefit
• Disability Tax Credit (DTC)
• Canada Carbon Rebate (CCR) (formerly the Climate action incentive payment)
• Canada workers benefit
• Child disability benefit
• Canada caregiver credit
• Canada training credit
• Home accessibility tax credit
• Children’s special allowances

 

*Are you looking for step-by-step assistance for Canada Immigration? Talk to Y-Axis, the leading Overseas Immigration Company.

For the latest updates on Canada Immigration, check the Y-Axis Canada Immigration News Page.

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