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Nyamweya Osoro
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Canadian Taxman Cometh!
« on: March 30, 2006, 05:00:29 PM »
If you live in Canada, every year in the month of April the Taxman comes knocking demanding his pound of flesh.

Who should file a Canadian tax return?

You should file a tax return if you are a resident of Canada. You become a resident of Canada for tax purposes when you establish residential ties with Canada (and you do not have to be a citizen or a permanent resident), usually on the date you arrive in Canada. Residential ties include:
  • a home in Canada (you own or rent)
  • a spouse or common-law partner (see the definition in the General Income Tax and Benefit Guide) and dependants who move to Canada to live with you
  • personal property in Canada, such as a car or furniture
  • social ties in Canada.

Other ties that may be relevant include:
  • a Canadian driver's licence
  • a Canadian bank account or credit cards
  • health insurance with a Canadian province or territory

As a resident of Canada your tax obligations are that you:
  • must report "world income" (income from all sources both inside and outside Canada) on your Canadian income tax return (e.g., this could include the income you are making from the matatu you own back in Kenya while you live here)
  • must ensure that you pay the correct amount of taxes according to the law
  • have the right and responsibility to verify your income tax status each year
  • can claim all deductions, non-refundable tax credits, and refundable federal, provincial, or territorial credits that apply to you.
If you are wondering whether you have to file, you must understand that as a resident of Canada for part or all of a tax year (January 1 to December 31), you must file a tax return if you:

  • owe tax (i.e., you received income from any source for which you did not pay any tax, but remember that you start paying tax if you earned more than the personal except amount, which is about $8,648 for 2005)..; or
  • want to receive a refund because you paid too much tax in a tax year.

Even if you have no income to report or tax to pay, you may be eligible for certain payments or credits. In order to receive these payments or credits, you must file an income tax return.

  • the GST/HST credit (goods and services tax/harmonized sales tax)
  • Canada Child Tax Benefit payments
  • provincial or territorial tax credits.

For more information go to http://www.cra-arc.gc.ca/menu-e.html
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