Tax Tips: Help Newcomers to Canada Help Themselves to Tax Credits

This year, new immigrants include more refugees who need to come up to speed on how to benefit from the many refundable and non-refundable tax credits and deductions available in Canada.   You may wish to take a new family under your wing and help them navigate this task.

Taxpayers who immigrate to Canada during the year are required to file a Canadian tax return to report their world income during the period in which they were resident in Canada.   Provincial taxes, if any are based on residency on the last day of the calendar year.
The Fair Market Value (FMV) of their assets at time of immigration must be calculated and personal amounts may have to be prorated according to the number of days the taxpayer was resident in Canada.  Income verification is required to collect refundable tax credits.  See a tax specialist for help with the required forms.

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