Staying on top of tax obligations in Canada is highly recommended. Being aware of the tax filing period, knowing how to submit your return, and understanding the details of the process are essential steps. To help you, we’ve prepared an article to clarify common questions and help you get ahead.
In this article, you’ll find the following topics:
● Tax return filing period
Who needs to file a return?
Who is Required to File?
● How to get help with your tax return
Canada is home to over 40 million people, according to Statistics Canada, the official government statistics website. The country has been welcoming thousands of immigrants, especially in recent years. Chinese, Indian, Pakistani, Nigerian, Filipino, and Syrian nationals are at the top of the immigration rankings.
Although smaller in number, Brazilians are gradually making their mark on Canada's immigration map. According to Brazil's Ministry of Foreign Affairs, over 130,000 Brazilians now reside in Canada.
Immigrants in Canada often face challenges when navigating the tax return process. Even for Canadian citizens, this can be a complex task. Therefore, seeking information from legal sources, consulting professional assistance, and planning the submission of tax returns are essential steps to avoid issues with the Canadian tax system.
Whether immigrant or not, filing a tax return is mandatory for millions of people who meet the criteria set by the Canadian government. One of the first questions many newcomers to Canada face is whether they are required to file a tax return.
In Canada, income tax is referred to as a "Tax Return" and is quite similar to the system used in Brazil. Generally, taxpayers must gather documentation to verify their income and expenses and then complete their income tax return.
To stay compliant with the Canadian tax authorities, it is necessary to follow certain guidelines. Below are the key points regarding the Tax Return process.
● Tax return filing period
The 2024 tax return period has been announced. According to the Canada Revenue Agency (CRA) , taxpayers must submit their returns between February 19 and April 30, 2024.
Who needs to file a return?
Tax return obligations in Canada vary depending on individual circumstances. Factors such as
living in or leaving Canada, either permanently or temporarily, can influence the process.
In general, individuals with financial ties to Canada during the tax year and a valid SIN (Social
Insurance Number) may be required to file a return.
Who is Required to File?
The type of tax return and associated obligations depend on one’s tax residency status, determined by various factors. Generally, if an individual had ties to Canada during the year, they must file a return.
● Permanent residents, Canadian citizens, and temporary residents (such as students
or workers) are typically required to file.
● The process applies even to those who only resided in Canada temporarily.
● How to get help with your tax return
While some people choose to file their taxes independently, others prefer to seek professional assistance. When selecting an advisor, it’s essential to verify their qualifications and the legitimacy of their services.
A qualified accountant can assist not only with filing but also with understanding whether you are required to file a return.
Real Tax provides expert tax and accounting services tailored for both individuals and small businesses in Canada. As a Canadian company with a bilingual team, we are a convenient and reliable choice for Brazilians and other nationalities living in Canada.
With the dates for filing the 2024 tax return in Canada already set, it's easier to plan and prepare to submit the required information and documents. That's why taxpayers are encouraged to get ahead and start early.
About Real Tax
Real Tax specializes in accounting for small businesses, startups, and individuals. We assist Brazilian clients and individuals of other nationalities in Canada with income tax filing, business registration, payroll management, and more. Our bilingual team is ready to provide tailored solutions in both Portuguese and English.
Services not available in Quebec.
Would you like to hire our consultancy to file the Canadian income tax return in 2024?
Contact Us
Real Tax Canada – Accounting Solutions for Businesses in Canada
+1 778 319-4489 (Acesse aqui o WhatsApp)
Português BR
English Canadá