Canadians should consider signing up for a CRA My Account to make the tax filing process efficient and accurate. On that account, you can check the status of refunds, any outstanding balances, RRSP and tax-free savings account (TFSA) contribution room, and ensure the CRA has all your correct information. If you’re comfortable filing your tax return on your own, there are a bunch of completely free or pay-what-you-can NETFILE-certified software options available to help you file electronically.
Students
Tax software must be recertified by NETFILE each year, and the CRA will update its online database once platforms have been certified for the 2024 tax year. If you need help with your tax return and meet the criteria for modest income and a simple tax situation, you might qualify for assistance at a free tax clinic. If you’re filing for the first time as a newcomer to Canada, make sure to bring your Confirmation of SIN letter from Service Canada to the clinic to get started. We file taxes to ensure we get the benefits, credits, and services we are eligible for yearly. For example, if you’re under age 19 (or under 24 if a full-time student) and you get more than half your financial support from your parents, you may be claimed as a qualifying child. Or, if you earned a gross income under $4,700, you may be deemed a “qualifying relative.”
How to file your taxes for the first time in Canada
The safety and security of Canadians Interior Design Bookkeeping and their information is a priority for the CRA. Being a victim of a scam, fraud, or identity theft can result in significant financial and emotional effects. If you need more time, you must request an extension by the April filing deadline. Explanation of changes – Any adjustments the CRA made to your return based on your provided information or their records.
- On that account, you can check the status of refunds, any outstanding balances, RRSP and tax-free savings account (TFSA) contribution room, and ensure the CRA has all your correct information.
- You can also check out our questions and answers about filing your taxes page for more answers to common questions.
- This code does not apply to you if you are filing your tax return for the first time.
- If federal taxes were withheld from your paycheck, you may be due a refund of federal income taxes.
- If you maintain a residence in Canada, you will likely be a resident for tax purposes.
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You will still need to file a tax return, but you’ll need to note on your return that you’re being claimed as someone’s dependent. Talk to your parents before filing your how to file taxes for the first time at 18 tax return to find out if they plan to claim you as a dependent. If you need more time to file, you have until April 15 to request a free extension, which pushes the deadline to October 15. You still need to pay any taxes owed by April 15th even if you get an extension. When it comes to your tax liability, you’ll either find out you’re getting a tax refund or a tax bill.
Learning the system takes time, so don’t hesitate to ask questions and keep detailed records. A well-handled first tax return builds your confidence and helps retained earnings secure your financial future in Canada. Tax filing in Canada might look complex for newcomers, but a step-by-step approach makes everything clearer. Your journey starts with determining residency status, collecting documents, and learning about available benefits to build a strong financial foundation in your new country. Sometimes your payment might not appear on your notice if you made it close to your filing date.
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