What do new immigrants in Canada need to pay attention to when filing tax returns?

If you haven't handed in the tax return, remember to send it before April 30, but don't wait until the last minute. Be sure to leave yourself enough time to calculate and review the bill.

Precautions:

People often make the mistake that when filling out the tax refund declaration form, they don't add the qualified tax reduction and receipt. For example, self-employed people often forget to ask for tax refund on goods and services such as cars, gasoline and maintenance. Parents also often forget the child care fee, which includes any fees for babysitting and temporary care. No matter how old the baby is, you can ask the government for tax refund as long as you have the invoice. The receipt of the tax refund must be kept well to prevent the Canadian tax bureau from verifying it.

If your parents are still in college, make sure they fill out their own tax returns.

People who have changed jobs or moved home often neglect to declare tax reduction. These people can apply for moving expenses, such as moving expenses, travel expenses, accommodation expenses, temporary accommodation expenses, housing expenses before sale, etc.

Donating tax returns is a common mistake made by couples. Couples can apply for tax refund for charitable donations according to the names on the receipts. The tax refund for charitable donations can only be refunded to one party. Donations will be refunded 17% in 200 yuan and 29% in 200 yuan.

People often ignore the refund of medical expenses, and people living in nursing homes can ask for a refund of some medical expenses. At the same time, don't forget to apply for the Ontario Property and Sales Tax Credit.

You can get a lot of benefits by spending more time checking tax returns carefully and repeatedly.

Some misunderstandings of new immigrants in tax declaration

Pay no attention to tax returns

Canada's tax declaration system is very strict and thoughtful. Whether it is a high-income family or a low-income family, we should pay attention to the annual tax declaration system and cannot handle it at will. If some people think that their income is very simple, they can fill in a few figures casually on the tax bill, or they can fill in them with the help of friends, and then they don't know the ins and outs of the figures. The tax bureau checked the heads, but they couldn't say anything clearly. If the language is not good, it will be even more troublesome, because they can't explain clearly and are misunderstood. Some will be investigated by the tax bureau for years. Originally, a professional tax return of 10 to 20 yuan could solve it, but it caused a lot of trouble. Canada is a welfare country with high taxes, and its taxes are taken from the people and used by the people. Therefore, in his operating mechanism, the tax system is closely related to the life of everyone and every family. Therefore, if you want to enjoy Canada's high welfare, you must pay attention to the annual tax return. The government will only determine the corresponding subsidy after fully grasping the information of your personal notary office, including tax payment and income status.

If you think you have no income, don't file a tax return.

Some new immigrants have some misunderstandings about tax returns, thinking that spouses don't have to file tax returns if they have no income. Whether you have income in Canada or not, as long as you are a Canadian resident, you still need to file tax returns if you have no income. Because the Canadian government determines your annual tax rebate according to your annual income and tax payment, the government will determine your housing subsidy according to your annual rent and local tax. If you have children, the government will approve the child's milk subsidy according to your family income. If the government does not have this information, it will no longer subsidize milk money. Another example is the GST tax rebate that the government gives to every family every quarter every year, and whether the special allowance gas subsidy issued last year can be enjoyed. Therefore, it is very important to file tax returns in Canada, and it is necessary to develop the habit of paying taxes in time.

Not good at buying registered pension correctly.

Some new immigrants have just found jobs here, and some agents recommend buying RRSP, saying that buying RRSP can be tax deductible. The purchased RRSP can't be deducted until the tax return. Because RRSP is tax-free, the government has restrictions. It is based on 18% of your last year's net income to verify your limit of buying RRSP. After you submit your tax return every year, the government will send you a tax assessment form, which shows the amount you can buy RRSP. Only the part purchased according to the approved amount can be used to deduct your income, so that you can realize reasonable tax reduction. For those whose income does not reach the basic tax, RRSP has no effect on their tax in that year. In addition, the tax bureau will impose a certain fine on the purchase of RRSP exceeding 2000 yuan. Therefore, as a new immigrant, you should decide your property distribution on the basis of understanding the new system, which is safer.

Have a chance.

When some people file tax returns, they report all the parts that should not be reported. If the government stipulates that the moving expenses allowed to arrive in Canada can only be deducted as the income of moving expenses paid for working or studying in Canada, and someone reports the air ticket for landing in Canada for the first time, this is not in line with the regulations. But your reputation will be greatly affected if you spot check it. In this country, the government and individuals are based on mutual trust. On your tax return, the government doesn't require you to attach all the invoices. But you must be honest when you file tax returns, and the income you deduct conforms to the government regulations. In this way, you also give the government a very reliable credit. If we treat tax returns with a lucky attitude and pay the price for that small production unit with our own credibility, it will not be worth the candle. Therefore, it is very important for everyone to learn to cherish his reputation first.

Not used to leaving invoices and receipts.

Many mainland immigrants came here, and soon they started their own small businesses and registered limited or unlimited liability companies. According to government regulations, all expenses related to small businesses can be classified as small business expenses. But there must be a reasonable and legal invoice. Therefore, we should get into the habit of keeping invoices. Such as gasoline, transportation, advertising and other reasonable expenses related to small businesses, families without small businesses also need to keep invoices, such as tuition, rent, medical expenses, child care fees and so on. These invoices are an important basis for raising income and should be properly kept. If you don't keep this kind of invoice properly, it can't be used to deduct your income and reduce your tax payable when filing tax returns. Of course, some people will think that I will fill out the tax bill after I pay it. Anyway, the tax bureau doesn't require me to attach an invoice. If I find it, I will explain it clearly. In fact, when it is actually discovered, what can it mean if there is no basis? This is a very sound legal society, and it has many effective measures to ensure that everyone abides by it. So when dealing with the government, the first thing that comes to mind is to do it according to the government's requirements. At the same time, it also ensures that it has a good reputation in this country.

The concept of investment and financial management is indifferent.

For high-income people, it is necessary to strengthen the concept of investment and financial management in Canada. For example, some high-income people in the IT industry have an annual income of over 60,000 yuan, and the marginal tax rate will reach 40%. In this case, reasonable tax reduction is very important. You can make full use of various taxes given by the government, such as buying a registered pension, buying a labor fund, and buying a house savings plan in Ontario. These expenditures can effectively offset income and reduce taxes. Because if these policies are not effectively used, money will go into the government's pocket, and putting money into the government's pocket is not the same as putting it in your own pocket. Therefore, how to distribute one's income reasonably and effectively and how to increase the accumulation of wealth in Canada requires timely understanding of Canada's tax policies and strengthening the concept of investment and financial management.

If you haven't handed in the tax return, remember to send it before April 30, but don't wait until the last minute. Be sure to leave yourself enough time to calculate and review the bill.

Precautions:

People often make the mistake that when filling out the tax refund declaration form, they don't add the qualified tax reduction and receipt. For example, self-employed people often forget to ask for tax refund on goods and services such as cars, gasoline and maintenance. Parents also often forget the child care fee, which includes any fees for babysitting and temporary care. No matter how old the baby is, you can ask the government for tax refund as long as you have the invoice. The receipt of the tax refund must be kept well to prevent the Canadian tax bureau from verifying it.

If your parents are still in college, make sure they fill out their own tax returns.

People who have changed jobs or moved home often neglect to declare tax reduction. These people can apply for moving expenses, such as moving expenses, travel expenses, accommodation expenses, temporary accommodation expenses, housing expenses before sale, etc.

Donating tax returns is a common mistake made by couples. Couples can apply for tax refund for charitable donations according to the names on the receipts. The tax refund for charitable donations can only be refunded to one party. Donations will be refunded 17% in 200 yuan and 29% in 200 yuan.

People often ignore the refund of medical expenses, and people living in nursing homes can ask for a refund of some medical expenses. At the same time, don't forget to apply for the Ontario Property and Sales Tax Credit.

You can get a lot of benefits by spending more time checking tax returns carefully and repeatedly.

Some misunderstandings of new immigrants in tax declaration

Pay no attention to tax returns

Canada's tax declaration system is very strict and thoughtful. Whether it is a high-income family or a low-income family, we should pay attention to the annual tax declaration system and cannot handle it at will. If some people think that their income is very simple, they can fill in a few figures casually on the tax bill, or they can fill in them with the help of friends, and then they don't know the ins and outs of the figures. The tax bureau checked the heads, but they couldn't say anything clearly. If the language is not good, it will be even more troublesome, because they can't explain clearly and are misunderstood. Some will be investigated by the tax bureau for years. Originally, a professional tax return of 10 to 20 yuan could solve it, but it caused a lot of trouble. Canada is a welfare country with high taxes, and its taxes are taken from the people and used by the people. Therefore, in his operating mechanism, the tax system is closely related to the life of everyone and every family. Therefore, if you want to enjoy Canada's high welfare, you must pay attention to the annual tax return. The government will only determine the corresponding subsidy after fully grasping the information of your personal notary office, including tax payment and income status.

If you think you have no income, don't file a tax return.

Some new immigrants have some misunderstandings about tax returns, thinking that spouses don't have to file tax returns if they have no income. Whether you have income in Canada or not, as long as you are a Canadian resident, you still need to file tax returns if you have no income. Because the Canadian government determines your annual tax rebate according to your annual income and tax payment, the government will determine your housing subsidy according to your annual rent and local tax. If you have children, the government will approve the child's milk subsidy according to your family income. If the government does not have this information, it will no longer subsidize milk money. Another example is the GST tax rebate that the government gives to every family every quarter every year, and whether the special allowance gas subsidy issued last year can be enjoyed. Therefore, it is very important to file tax returns in Canada, and it is necessary to develop the habit of paying taxes in time.

Not good at buying registered pension correctly.

Some new immigrants have just found jobs here, and some agents recommend buying RRSP, saying that buying RRSP can be tax deductible. The purchased RRSP can't be deducted until the tax return. Because RRSP is tax-free, the government has restrictions. It is based on 18% of your last year's net income to verify your limit of buying RRSP. After you submit your tax return every year, the government will send you a tax assessment form, which shows the amount you can buy RRSP. Only the part purchased according to the approved amount can be used to deduct your income, so that you can realize reasonable tax reduction. For those whose income does not reach the basic tax, RRSP has no effect on their tax in that year. In addition, the tax bureau will impose a certain fine on the purchase of RRSP exceeding 2000 yuan. Therefore, as a new immigrant, you should decide your property distribution on the basis of understanding the new system, which is safer.

Have a chance.

When some people file tax returns, they report all the parts that should not be reported. If the government stipulates that the moving expenses allowed to arrive in Canada can only be deducted as the income of moving expenses paid for working or studying in Canada, and someone reports the air ticket for landing in Canada for the first time, this is not in line with the regulations. But your reputation will be greatly affected if you spot check it. In this country, the government and individuals are based on mutual trust. On your tax return, the government doesn't require you to attach all the invoices. But you must be honest when you file tax returns, and the income you deduct conforms to the government regulations. In this way, you also give the government a very reliable credit. If we treat tax returns with a lucky attitude and pay the price for that small production unit with our own credibility, it will not be worth the candle. Therefore, it is very important for everyone to learn to cherish his reputation first.

Not used to leaving invoices and receipts.

Many mainland immigrants came here, and soon they started their own small businesses and registered limited or unlimited liability companies. According to government regulations, all expenses related to small businesses can be classified as small business expenses. But there must be a reasonable and legal invoice. Therefore, we should get into the habit of keeping invoices. Such as gasoline, transportation, advertising and other reasonable expenses related to small businesses, families without small businesses also need to keep invoices, such as tuition, rent, medical expenses, child care fees and so on. These invoices are an important basis for raising income and should be properly kept. If you don't keep this kind of invoice properly, it can't be used to deduct your income and reduce your tax payable when filing tax returns. Of course, some people will think that I will fill out the tax bill after I pay it. Anyway, the tax bureau doesn't require me to attach an invoice. If I find it, I will explain it clearly. In fact, when it is actually discovered, what can it mean if there is no basis? This is a very sound legal society, and it has many effective measures to ensure that everyone abides by it. So when dealing with the government, the first thing that comes to mind is to do it according to the government's requirements. At the same time, it also ensures that it has a good reputation in this country.

The concept of investment and financial management is indifferent.

For high-income people, it is necessary to strengthen the concept of investment and financial management in Canada. For example, some high-income people in the IT industry have an annual income of over 60,000 yuan, and the marginal tax rate will reach 40%. In this case, reasonable tax reduction is very important. You can make full use of various taxes given by the government, such as buying a registered pension, buying a labor fund, and buying a house savings plan in Ontario. These expenditures can effectively offset income and reduce taxes. Because if these policies are not effectively used, money will go into the government's pocket, and putting money into the government's pocket is not the same as putting it in your own pocket. Therefore, how to distribute one's income reasonably and effectively and how to increase the accumulation of wealth in Canada requires timely understanding of Canadian tax policies and strengthening the concept of investment and financial management.