In case you are an immigrant to Canada you would know that, Canada is a cultural mosaic, with people from all over the world now calling it their home. So as an immigrant here apart from various financial and other matters which you must be aware, taxation is something which you must be familiar with. The following are some important points for you to know in this regard:
Start making Canadian Tax filings
In Canada you are supposed to pay taxes on all your incomes, which include incomes from outside Canada as well. Depending on the nature of your incomes, i.e the source of your income you are to fill the same in your Canadian tax returns.. This is to be done meticulously,failing which you might be imposed steep penalties.
Obtaina Social Insurance Number
Itis important that you obtain this key document. This will be youraccount number for your personal tax filings. You also need a SIN forreceiving the benefits for certain banking services and need tofurnish the same to your employer in Canada.
Track your Canadian Cost Base
You need to note that immediately after getting your Canadian citizenship you would be assumed to have acquired any of your capital property at the fair market values. So you would have to pay taxes on the gains made in the value of such a property in Canada.
Check the status of your Non Canadian trusts
You must also know that in case you are the settler of a non Canadian trust then you are likely to be a beneficiary of the one. You must know the exactly the same to determine exactly how much of tax you need to pay while in Canada. It is best that you consult the right tax consultant in Canada who is renowned in the field and would be the right person to guide you through all tax and finance related in the matters in Canada.
The Accounting and Taxis the right financial consultant who can guide you in all finance and tax related matters in Canada. To know more about what we offer please visit our website.
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